Dec 10, 2020
Airbnb value predicted to surge after share sale
Holiday booking platform Airbnb is expected to raise as much as $3.5bn on Thursday when it first sells shares to the public. More companies have raised more money by floating on US exchanges this year than any year since 2014, according to Renaissance Capital, a Connecticut-based firm that offers investments focused on initial public offerings. The money raised by Airbnb in the offering was more than the firm had initially hoped - despite the upheaval the pandemic has caused its business, which saw bookings crash this spring, forcing it to slash staff numbers by 25% and raise $2bn in emergency funds. Last month, Airbnb said bookings had since recovered somewhat, as people looked to escape locked down cities with long-term rentals. Since the firm started as a home-sharing site in 2008, Airbnb has grown into a global juggernaut, with more than four million people listing properties on the platform in countries around the world.
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