Home-sharing giant Airbnb, which is scheduled to go public this week, will significantly raise its IPO price, valuing the group at more than $40 billion, the Wall Street Journal reported Sunday.
The group is expected to announce a price range of between $56 and $60 a share, up from $44 to $50, the paper said.
Airbnb did not respond when contacted Sunday for comment.
The vacation rental platform, which has managed to turn the tide after a few difficult months at the start of the coronavirus pandemic, said its initial public offering would include 51.9 million shares.
The group will go public on Thursday and will be listed on the Nasdaq stock exchange platform under the symbol “ABNB.”
At the increased price, the champion of the gig economy could reach a stock market valuation of $42 billion.
Meanwhile, Airbnb, is making it harder to book apartments on New Year’s Eve in Paris, New York, London and other top destinations to limit the risks of illegal parties in the time of COVID-19. As of Thursday, travellers who don’t have positive reviews on their Airbnb profile won’t be able to rent a place for a single night on December 31 in the United States, France, Britain, Canada, Mexico, Australia and Spain, the San Francisco-based company said in a statement.
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