Airbnb aims for up to $35 bln valuation in IPO (updated)

Sinopharm Tech Holdings

01/12/2020 13:05

(Adds details from the filing)
    Dec 1 (Reuters) - Airbnb Inc said on Tuesday it is looking
to sell up to $2.6 billion in stock in its planned initial
public offering, which could value the home rental firm at as
much as $34.8 billion in the last blockbuster U.S. IPO of the
year.
    The company set a target price range to sell 51.9 million
shares at between $44 and $50 apiece, it said in a regulatory
filing. Including the option shares, Airbnb is aiming to raise
about $2.85 billion at the upper end of the range.
    At the top of its target range, the IPO would give Airbnb a
fully diluted valuation, which includes securities such as
options and restricted stock units, of $34.8 billion, nearly
double the $18 billion Airbnb was worth in an April private
fundraising round.
    Airbnb's market capitalization at $50 per share would total
$30 billion.
    Airbnb, which plans to list on the Nasdaq under the symbol
ABNB, made its IPO registration public earlier this month and
showed that it turned a profit in the third quarter despite the
COVID-19 pandemic.  urn:newsml:reuters.com:*:nL4N2I2456
    Reuters was the first to report in October that Airbnb was
aiming to raise around $3 billion in its IPO that could value it
at more than $30 billion.  urn:newsml:reuters.com:*:nL1N2GT1KT
    Morgan Stanley and Goldman Sachs are the lead underwriters
for the IPO.

 (Reporting by Anirban Sen and Noor Zainab Hussain in Bengaluru
and Joshua Franklin and Chibuike Oguh in New York; Editing by
Saumyadeb Chakrabarty)
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