Airbnb is trying to make the fast-paced stock market make a comeback.
The home rental startup announced Tuesday that it intends to sell its shares as part of its initial public offering at a price between $ 44 and $ 50, worth nearly $ 35 billion.
According to a prospectus filed with the Securities and Exchange Commission, the company plans to raise up to $ 2.75 billion from the offering. The three founders also plan to sell shares valued at up to $ 95 million.
Such a sale would bring Airbnb's rating back to where it was before the pandemic hit their business. At the beginning of the year, investors valued the company at $ 31 billion. But in the spring, when travel was suspended and cancellations were coming in, Airbnb raised $ 18 billion in emergency funding.
Airbnb is betting on Wall Street to join the narrative of a recovering business. Although revenue declined in the first nine months of the year compared to the same period last year, bookings rebounded in the last three months as people took road trips to rental homes in remote areas.
Airbnb is now planning a virtual "roadshow" to present its shares to investors in the next week. The highlight is the listing on the Nasdaq under the symbol "ABNB".
The company is one of a group of high-profile technology companies that will go public before the end of the year. On Monday, grocery shipping company DoorDash announced it was hoping to raise up to $ 2.8 billion from its I.P.O. to value the company at up to $ 31.6 billion. E-commerce company Wish and children's game maker Roblox are expected to list their shares in the coming weeks.
Michael J. de la Merced contributed to the coverage.