The Airbnb logo is displayed on the Nasdaq digital billboard in Times Square in New York as the home sharing platform made its US stock market debut. NEW YORK: Airbnb shares more than doubled in a sizzling US market debut on Thursday which vaulted the home-sharing platform into an elite group of richly valued companies.
Airbnb raised some US$3.4 billion in the offering amid a feverish rush for new shares in companies adapting to lifestyle changes imposed by the coronavirus pandemic.The company listed on the Nasdaq stock exchange under the ticker symbol"ABNB." DoorDash made its debut with a lofty US$39 billion valuation, on the heels of IPOs from others in the tech sector and on-demand economy which point to frenzied demand for the stocks.Airbnb has said its home-sharing model proved resilient during the global pandemic, as it posted a profit of US$219 million for the just-ended quarter.
Meal delivery group DoorDash saw its shares surge in its Wall Street debut this week in a sign of frenzied demand for emerging companies adapting to the coronavirus pandemic. Airbnb recently implemented new safety protocols for many of its hosts and maintains that listings meeting its upgraded guidelines are safer than hotels during the pandemic.
Airbnb and DoorDash stock market debuts this week are part of a"unicorn parade" capping a busy year for hot startups going public.
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