'숙박공유' Airbnb, 115% Surge on First Day of Listing

Major Hotel Chains Surpass Market Capitalization

[Image source=EPA Yonhap News]

[Asia Economy New York=Special Correspondent Baek Jong-min] Accommodation sharing company Airbnb is recording a 115% increase on its first day of listing on the Nasdaq market.

On the 10th (local time), Airbnb was trading at $146.80 as of 3 p.m., up 115.88% from the public offering price. Airbnb's public offering price was $68.

The success of Airbnb's initial public offering (IPO) was anticipated as the public offering price was set far above the company's target level.

Airbnb's stock price showed strong momentum, soaring to as high as $163.8 shortly after trading began, and is now trading around the opening price level.

Based on the current stock price, Airbnb's market capitalization reaches approximately $87 billion.

CNBC reported that on its first day of listing, Airbnb surpassed Booking.com (market capitalization of $86 billion), a representative of internet travel stocks. Another competitor of Airbnb, Expedia, has a market capitalization of only $18 billion.

Airbnb's corporate value stands out even compared to traditional travel stocks. Hotel chains Marriott and Hilton have market capitalizations of $42 billion and $29 billion, respectively. The airline Delta Air Lines has a market capitalization of only $30 billion.

Despite a slump in performance due to the COVID-19 pandemic, Airbnb successfully completed its IPO thanks to abundant market liquidity. Airbnb's revenue in the third quarter was $1.34 billion, down 19% compared to the same period last year.

Food delivery company DoorDash, which was listed a day earlier, saw its stock price fall 7.4% on the day, undergoing a correction. DoorDash's stock price had surged 86% the previous day to close trading.

This content was produced with the assistance of AI translation services.