SAN FRANCISCO — Airbnb, the popular rental service for individual homes and apartments, is set to go public this Thursday and is raising its IPO price to as much as $60 per share.
In a new S-1/A filing with the SEC, Airbnb said it would sell 56,551,723 shares at a price of $55 to $60 per share. The company will trade under the symbol ABNB and will make its debut this Thursday on the Nasdaq stock market. At the price of $60 per share, Airbnb could raise as much as $3.9 billion in one of the most anticipated offerings of 2020.
Morgan Stanley and Goldman Sachs will be the lead investment banks on the IPO and the initial price could go higher depending on investor demand.
Founded in 2007, Airbnb lets owners rent out their homes and apartments to strangers all over the world. The company charges fees to both renters and hosts, who have collectively earned $110 billion in earnings since 2008.
In a study of hosts by Airbnb, the average host earned $7,900 per year for each property as of September 30, 2020.
For the nine months ending September 30, Airbnb reported total revenues of $ 2.51 billion, down from $3.69 billion a year ago due to COVID-19 travel declines.
Airbnb reported a net loss of $369 million through the first nine months of 2020.