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    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Gov. Elections: PDP’s Sim Fubara declared Rivers State’s Governor-Elect

    Businesses must accept eNaira as a form of payment – CBN

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    Anambra state House of Assembly election results

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    Russia Economy contracts by 2.1% in 2022, far below western predictions

    Russia Economy contracts by 2.1% in 2022, far below western predictions

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    FG explains why Nigeria’s total debt will rise to N77 trillion by the end of May 2023

    U.S unemployment fell to a five-decade low

    U.S unemployment fell to a five-decade low

    Nigeria’s total public debt rises by over 20% YoY to N32.92 trillion

    Nigeria’s total debt rise above N44 trillion – DMO

    FG approves 39 licences for fish importation

    Q3 2022: Nigeria’s total trade stood at N11.6 trn, total export falls nearly 20% QoQ

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    Law to legalize crypto as a payment method passed in Brazil

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    Non-oil sector contributes 93.67% to Nigeria’s GDP in Q2 2022

    Nigeria’s GDP growth slows to 2.25% in Q3 2022, oil sector contribution declines further

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    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI lost by 0.09%, as STANBIC loses 8.52%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX-ASI Lost By 1.04%, as banking sector drops 1%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The Local Bourse declined by 0.42%, as FLOURMILL loses 5.92%

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    The DMO auctions 4 FGN Bonds worth N360bn in March

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Airbnb soars 115% in trading debut as valuation pushes past $100 billion

Thursday, 10 December 2020, 8:01 pm
in Business, Companies
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Airbnb soars 115% in trading debut as valuation pushes past $100 billion
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(Business Insider): Airbnb soared 115% at the open in its trading debut on Thursday, giving the home sharing service a market valuation of more than $100 billion.

That makes Airbnb more valuable than the seven largest US hotel chains combined, including Marriot, Hilton, and Hyatt. Marriot International is worth $41 billion, Hilton Worldwide is worth $29 billion, and Hyatt is worth $7 billion.

Smaller hotel names Choice Hotels, Wyndham Hotels and Wyndham Destinations are each worth $5 billion. Extended Stay is worth just under $3 billion.

Airbnb priced its IPO at $68 per share, raising $3.5 billion in proceeds at a valuation of $47 billion. That’s in stark contrast to the company’s last fundraising round as a private company in April, when the firm raised $1 billion at a valuation of $18 billion.

Read also: Oil rises above $50 per barrel first time since March on COVID-19 vaccine optimism

The company was valued as high as $31 billion in a 2017 private funding round. The steep cut to Airbnb’s valuation in April came amid a global pandemic that temporarily sidelined much of its business as stay-at-home orders swept across the country.

But the company bounced back quickly as travelers wanted little interaction with people during their travels and flocked to private residences on Airbnb over hotel stays that required interactions with workers and other tourists.

The IPO frenzy of 2020 hasn’t been limited to just Airbnb. On Wednesday, DoorDash and C3.ai posted substantial gains of 86% and 174% respectively. And in September, Snowflake completed the largest software technology IPO in history and has been on a tear since its debut.

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  • Airbnb prices IPO at $68 per share, will raise $3.5 billion
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