Shares of Airbnb Inc more than doubled in their stock market debut on Thursday, valuing the home rental firm at just over $100 billion in the biggest U.S. initial public offering (IPO) of 2020 and capping a bumper year in which investors flocked to tech stocks.
Airbnb opened at $146 on the Nasdaq, far above the IPO price of $68 per share that raised $3.5 billion for the company. The stock hit a high of $165 and closed at $144.71.
Including securities such as options and restricted stock units, Airbnb’s fully diluted valuation came to $100.7 billion, more than five times the $18 billion Airbnb was valued at in a private fundraising round in April at the outset of the pandemic. Airbnb’s worth was pegged at $31 billion in its last pre-COVID-19 private fundraising in 2017.