Airbnb Inc. plans to boost the proposed price range of its initial public offering, the latest sign that the red-hot IPO market is ending the year on a high note.
Airbnb is boosting the range to between $56 and $60 a share, from $44 to $50, people familiar with the matter said. The new range would give the home-rental company a valuation of as much as $42 billion on a fully diluted basis.
DoorDash Inc., the food-delivery company that is expected to debut Wednesday, one day before Airbnb, plans to price its shares at the high end of or above its already increased range of $90 to $95 a share, people familiar with that offering said. That would give the San Francisco company, the largest among its peers, a valuation of as much as $36 billion or more.
Taken together, the developments are the latest sign that the market for new issues, already at a record in terms of money raised in the U.S., is set for a climactic ending to the year. The market has been buoyed by soaring stocks, including those that have recently debuted themselves.
(More to come)