Airbnb Dramatically Raises IPO Price Range
The monster end-of-year 2020 initial public offering (IPO) is poised to grow even bigger. On Monday, top DIY accommodation service operator Airbnb revealed in a new regulatory filing that it has raised its IPO price significantly, lifting it to a range of $56 to $60 per share. Previously, that span was only $44 to $50 per share.
All told, Airbnb intends to sell 50 million shares in the offering, which could raise gross proceeds of $3 billion at the upper end of the latest range. The IPO is scheduled for this Thursday, Dec. 10.
The issue isn't exactly coming at an opportune time for the company. Its accounting reveals that in the first nine months of 2020, it suffered a 32% year-over-year decline in revenue (to slightly more than $2.5 billion), and a net loss of almost $697 million -- over twice as deep as the same period the previous year.
Source Fool.com
