Airbnb said late on Wednesday it sold shares in its initial public offering (IPO) at $68 apiece, above its targeted price range, to raise around $3.5 billion.
The IPO gives Airbnb a fully diluted valuation – which includes securities such as options and restricted stock units – of $47.3 billion, capping a turnaround in fortunes for the US home rental firm that was hit hard by travel restrictions used to curb the COVID-19 pandemic.
Airbnb had planned to sell around 51 million shares at $56 to $60 apiece, after raising this range from an earlier target of $44 to $50 per share.
Airbnb’s IPO is the biggest by a US operating company in 2020 in what has been an active year for US listings, with the likes of tech companies DoorDash and Snowflake going public.
The share offering also marks a dramatic comeback for Airbnb after it suffered a sharp drop in bookings and an increase in cancelations as the coronavirus spread across the world nine months ago, forcing governments to impose travel bans and mandate social distancing guidelines.
In April, Airbnb raised $1 billion from private equity firms Silver Lake and Sixth Street Partners as it sought to boost its cash reserves amid a decline in revenue. That fundraising valued Airbnb at $18 billion, below its $26 billion valuation in early March before the pandemic began, a source said.
Airbnb had also launched a string of cost-cutting measures, including pausing hiring, suspending marketing activities, and slashing executive pay, in an effort to save up to $800 million this year, sources told Reuters.
But as lockdowns eased and with more travelers opting to book homes instead of hotels, Airbnb’s revenue rebounded from a summer slump to reach $1.34 billion in the third quarter. The company also posted a surprise profit of $219.3 million, down slightly from $266.7 million last year.
Airbnb was founded in 2008 by Brian Chesky and Joe Gebbia as a website to take bookings for rooms during conferences, including the Democratic National Convention that year in Denver. Some of Airbnb’s investors include venture capital firms Sequoia Capital and Andreessen Horowitz; Hollywood actor Ashton Kutcher; buyout firms General Atlantic, TPG, Hillhouse Capital; and investment management firms Vanguard Group and Fidelity Investments.
The company’s shares are scheduled to start trading on Nasdaq on Thursday under the ticker “ABNB.”
Morgan Stanley and Goldman Sachs are the lead underwriters for Airbnb’s offering.
Airbnb prices shares above target in 2020’s biggest US IPO
https://arab.news/ymkx7
Airbnb prices shares above target in 2020’s biggest US IPO
- The IPO gives Airbnb a fully diluted valuation of $47.3 billion
- Airbnb’s IPO is the biggest by a US operating company in 2020 in what has been an active year for US listings
New Murabba seeks contractors for Mukaab Towers fit-outs: MEED
RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.
The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.
Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.
The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.
Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.
Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.
The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.
In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.
