Photo: Reuters
(Reuters) - Airbnb Inc said on Tuesday it is aiming for a valuation of up to $34.8 billion in its initial public offering (IPO), in what would cap a stunning recovery in its fortunes after the U.S. home rental firm's business was heavily damaged by the COVID-19 pandemic earlier this year.
In a regulatory filing, Airbnb set a target price range of between $44 and $50 apiece to sell 51.9 million shares, which would pull in $2.6 billion.
Airbnb could end up selling $2.85 billion at the upper end of the range.
Of the shares being sold, Airbnb founders Brian Chesky, Joe Gebbia, and Nathan Blecharczyk will together sell nearly $100 million worth of shares in the IPO launch.
Airbnb struggled in the immediate aftermath of the pandemic as travel came to a grinding halt. It had to lay off a quarter of its workforce and seek $2 billion in emergency funding from investors, including private equity firms Silver Lake and Sixth Street Partners.
But as lockdowns eased, more travelers opted to book homes instead of hotels, helping Airbnb post a surprise profit for the third quarter. The San Francisco-based firm also gained from increased interest in renting homes away from major cities.
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