Finance History | Nasdaq MarketSite — Sixty-Eight Dollars for Fifty-One Million Shares Called ABNB
· 2020-12
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Finance History | Nasdaq MarketSite — Sixty-Eight Dollars for Fifty-One Million Shares Called ABNB
kevin
People treat Airbnb as a San Francisco lodging platform that always printed ABNB on a mature book.
The December 2020 issuer was still a pandemic recovery story, priced after a private round that had marked the company at 18 billion dollars earlier that year.
Airbnb's 9 December 2020 pricing release recorded an offering of 51,323,531 Class A shares at 68 dollars a share, of which 50,000,000 were sold by the company and 1,323,531 by selling stockholders.
Gross proceeds to the company were expected to be about 3.4 billion dollars in 2020 currency, before discounts and expenses, excluding any underwriter option.
The Class A book was to open on the Nasdaq Global Select Market on 10 December 2020 under ABNB.
CNBC recorded that the shares opened at 146 dollars and closed at 144.71 dollars that first session, a first-day print more than double the 68-dollar offer.
The New York Times, the night before the open, put the priced book at a 47 billion dollar valuation in 2020 currency.
The mechanism is a dual-class lodging platform sold into a public tape after travel demand had collapsed and then partially returned.
The 68-dollar offer was already an upsize from an earlier marketed range. The first print priced a different recovery.
Nasdaq MarketSite at 4 Times Square is the public face of that electronic market. Interior studios are not a visitor floor.
Photo: Luca Marfe, June 2015, CC BY 2.0, via Wikimedia Commons. Nasdaq MarketSite.
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