Airbnb boosted expected pricing range of IPO, as selling shareholders trim sales

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Airbnb Inc. confirmed Monday that the expected pricing of its initial public offering has increased, to a range of between $56 and $60 a share from between $44 and $50 a share. The increase was originally reported over the weekend by The Wall Street Journal. That boosts what the California-based home-rental company could raise to up to $3.0 billion, and the potential market value to up to $35.85 billion. The number of shares expected to be offered in the IPO has been reduced to 51.55 million shares from 51.91 million shares, as the company will still offer 50 million shares but the number of shares being offered by selling shareholders has been reduced to 1.55 million shares from 1.91 million shares. The company is looking to go public at a time that the Renaissance IPO ETF has rocketed 109.2% year to date while the S&P 500 has gained 14.5%.
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