AirBNB started trading today with the ticker ABNB at 1:39pm. It’s IPO is priced at $68 but it opened at $148, more than double. It’s market cap is currently at almost 100billion dollars. This is one of the long awaited IPO.
Recently, due to pandemic, it is not doing well. We don’t know how this will affect the 2021 Q1 report, yet to be seen. Like hotels, travel and tourism industry, Airbnb’s business was hit hard as stay-at-home orders aimed at slowing the spread of COVID-19 took a hit in those industries due to elimination of most nonessential travel.
Airbnb’s April bookings fell by 72% from the year prior, resulting in more than 1,900 layoffs (~25%) of its workforce. Someone tweeted about DoorDash (DASH) and AirBNB (ABNB) IPO that combined value is about 5.8 billion but market value is about 169billion.