Accommodation platform Airbnb entered the New York Stock Exchange on Thursday. The primary public offering was $68 a share. But even before the markets opened, it was clear that Airbnb’s share price would soar. The stock market entry brought the company $3.5 billion.
Airbnb shares opened trading at $146 apiece, more than double the IPO price. During the day, their price climbed to $165 and Airbnb closed at just under $145 a share.
Investors clearly acknowledged Airbnb’s entry into the stock market, and their hunger for shares in the accommodation platform only proved it. It is the most successful IPO on Wall Street this year. Although Airbnb has been hit very hard by the coronavirus pandemic, investors believe it has the worst of it and now has a bright future ahead of it.
The evolution of the number of Airbnb stays before the pandemic broke suggested that this type of accommodation was becoming increasingly popular with travelers. This was evidenced by the increase in Airbnb accommodation, as anti-epidemic measures were loosen in some countries during the summer months. “I think too many people didn’t believe we were going to be able to enter the stock market this year,” Brian Chesky, Airbnb’s executive director, told Reuters.
