Airbnb, which provides a platform for booking short-term stays from a global network of locals, raised $3.5 billion by offering 51.3 million shares (97% primary) at $68, well above the upwardly revised range of $56 to $60.
The company initially planned to offer its shares at a range of $44 to $50. At pricing, Airbnb raised 43% more in proceeds than originally anticipated, and commands a fully diluted market cap of $47 billion. Its $3.5 billion offering makes it the largest IPO of 2020, narrowly ahead of DoorDash (DASH); the food delivery platform finished its debut on Wednesday up 86% from offer, or 4% from its open.
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Airbnb plans to list on the Nasdaq under the symbol ABNB. Morgan Stanley, Goldman Sachs, Allen & Company, BofA Securities, Barclays, Citi, BNP Paribas, Mizuho Securities, Credit Suisse, Deutsche Bank, Jefferies and Wells Fargo Securities acted as lead managers on the deal.
