New York, December 8: Airbnb has raised the price of its shares ahead of its initial public offering this week, betting investors will pay more. In a government filing Monday, Airbnb said it expects to price its shares between $56 and $60 each, up from a range of $44 to $50 earlier this month.

Airbnb is expected to issue a final share price late Wednesday ahead of its Thursday IPO on the Nasdaq Stock Market.  According to a Reuters report, the new price would let the San Francisco-based home-sharing company raise up to $3.4 billion in the offering. Airbnb IPO Filing Reveals Massive Dip in Revenue Amid COVID-19 Pandemic.

Ever since the COVID-19 outbreak, the company struggled due to it. In May, Airbnb cut about 1,900 jobs and ended projects not directly related to its core business. However, as lockdowns eased, more travellers opted to book homes instead of hotels, helping Airbnb to post a profit for the third quarter.

The company’s stock market debut will be one of the largest US IPOs of 2020, which has already been a bumper year for flotations.

(The above story first appeared on LatestLY on Dec 08, 2020 01:01 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).