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Business Maverick: Airbnb Reaches $47 Billion Value in Above-Range IPO

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Airbnb Inc. priced its long-awaited initial public offering above a marketed range to raise about $3.5 billion, capping a year in which it bounced back from the coronavirus pandemic by capitalizing on closer-to-home travel.

The home-rental company’s IPO came just hours after DoorDash Inc. almost doubled from its listing price in its debut trading session, adding to a flurry of consumer-facing web-based companies going public this month.

In a letter to shareholders, the three co-founders said the 10 months since the pandemic have been “the most defining period since we started Airbnb.” The company’s IPO plans were put on hold in March as the pandemic ground global travel to a halt. By April, room bookings had plunged 72%. Airbnb rolled out a blanket refund policy and doled out more than $1 billion in cancellation fees.

 

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