Airbnb proved its resilience in a year that has upended global travel. Now it needs to prove to investors that it sees more growth ahead.
The San Francisco-based home sharing company made a triumphant debut on the public market Thursday. Its shares closed at $144.71 apiece, more than double the $68 price that Airbnb had set. The closing price gave the company a valuation of just over $100 billion. The shares are trading on the Nasdaq Stock Market under the symbol “ABNB.”
Instead of the traditional ringing of the bell prior to the trading day, Airbnb presented a video of Airbnb hosts from around the world ringing their doorbells. In a video message, CEO Brian Chesky also thanked the millions of guests who have stayed at its listings. In 2019 alone, 54 million guests stayed at an Airbnb.
“You gave us hope that the idea of strangers staying together, in each others’ homes, was not so crazy after all,” Chesky said. “Airbnb is rooted in the fundamental idea that people are good and we’re in this together.”
Airbnb raised $3.7 billion in its offering, making it the biggest U.S. IPO this year, according to Renaissance Capital, which tracks IPOs. The company had initially set a price range of $44 to $50 for it shares, but raised that to a range of $56 to $60 earlier this week indicating rising investor demand.