Shares in vacation rental firm Airbnb have surged on their first day of public buying and selling.
On the shut of the day, the organisation had a valuation of greater than $100 billion.
The large itemizing – the most important of the yr in the USA – raised $3.5 billion for the corporate on the finish of what has been a difficult yr.
Airbnb stated it could use the cash to assist it survive the pandemic, which has devastated journey.
Demand for shares within the firm noticed the value of a share greater than double from the preliminary providing of $68 apiece.
Airbnb bookings crashed this spring, forcing it to slash workers numbers by 25 per cent and lift $2 billion in emergency funds.
Final month, the agency stated journey had returned considerably over the summer time, as individuals regarded to flee locked down cities with long-term leases inside driving distance.
The corporate reported a shock revenue for the July, August and September months.
However the agency has warned that renewed lockdowns in lots of locations will weigh on restoration.