Airbnb IPO raises at least $3.5 billion, challenging DoorDash and Snowflake for largest IPO of the year

Airbnb Inc. pulled off one of the largest initial public offerings of 2020 despite a pandemic that laid waste to much of the travel industry.

The lodging-booking platform priced its initial public offering at $68 a share Wednesday, the Wall Street Journal reported, well above its most recent target range of $56 to $60, which it had already revised upward. At its IPO price, Airbnb
ABNB,

is expected to raise at least $3.5 billion with an initial market capitalization topping $40 billion.