Airbnb Shares More Than Double in Price in Long-Awaited IPO

(AP) -
airbnb ipo
Airbnb co-founder and CEO Brian Chesky speaks at an event in San Francisco in 2018. (AP Photo/Eric Risberg)

Airbnb shares more than doubled in price as the home-sharing company made its debut Thursday on the Nasdaq stock exchange.

San Francisco-based Airbnb priced its shares at $68 apiece late Wednesday ahead of its long-awaited IPO. They opened at $146 Thursday. The company raised $3.7 billion in the offering, making it the largest IPO of the year, according to Renaissance Capital, which tracks IPOs.

Airbnb has never made an annual profit, and its revenue has fallen 32% this year due to the pandemic. But its home rentals are recovering more quickly than hotels as guests flee crowded cities.