Airbnb is aiming to raise around $3 billion in its upcoming initial public offering in December, Reuters reported. The company hopes to achieve a valuation of more than $30 billion.
- Dig Deeper: This would be substantially higher than the $18 billion Airbnb was valued at in April when it raised $2 billion in debt from investors. Airbnb’s most recent independent appraisal of the fair market value of its stock pegged its worth at around $21 billion.
- Be Smart: The push to go public underscores Airbnb’s dramatic recovery from earlier this year when it secured emergency funding from investors and the outlook for the travel industry was uncertain. Since then, the company has benefited as travelers shy away from larger hotels and instead prefer to drive to local vacation rentals. [Reuters]