Airbnb rises to $ 100 billion in market cap at Open

© Reuters.

By Christiana Sciaudone – Airbnb Inc (NASDAQ 🙂 opened trading at $ 146, more than double the $ 68 price it followed on Wednesday Doordash Inc. (NYSE 🙂 & # 39; s spectacular debut.

The company sold around 52 million shares – originally marketed between $ 90 and $ 95 – on Wednesday to raise $ 3.5 billion in its initial public offering and now has a market value of more than $ 100 billion.

Airbnb's IPO is the third largest in the U.S. this year, topped only by Bill Ackman's $ 4 billion blank check company and Snowflake Inc's (NYSE 🙂 $ 3.86 billion offering.

DoorDash shares rose up to 92% on Wednesday, after raising $ 3.37 billion on its IPO, according to Bloomberg. The delivery company's market capitalization is around $ 60 billion, which is higher than Lululemon Athletica (NASDAQ 🙂 Inc. and Ford Motor (NYSE 🙂 Co. DoorDash are up about 5% on Thursday.

Airbnb was founded in 2007 and experienced a slump in business amid the Covid-19 pandemic that put a big end to international and domestic travel. But business recovered after domestic travel recovered and guests took trips closer to home. The company has also supported the issue of work from anywhere as city dwellers have sought refuge outside of urban areas. It has also been a boon to those who need to top up their incomes or lack thereof in the face of millions of job losses.

As of September 30th, Airbnb had over 4 million hosts around the world, with 86% of hosts outside of the US having 7.4 million available entries for Homes and Experiences, of which 5.6 million were active entries. The company estimates the total addressable market for its services at $ 3.4 trillion, including $ 1.8 trillion for short-term stays, $ 210 billion for long-term stays, and $ 1.4 trillion for experiences.

Airbnb has suffered net losses since its inception, including $ 696.9 million for the nine months ended September 30th.

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