IPO Thursday: What you need to know ahead of Airbnb’s big debut
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But none of that has chilled investor enthusiasm for new shares. Airbnb is set to go public later today, valuing the home-rental giant at $47 billion. That’s after DoorDash raised $3.4 billion in an IPO yesterday, and shares rocketed 86% higher. C3.ai had an even more astounding debut, with shares climbing 150%.
Elsewhere, European shares are edging higher after the EU cleared an important hurdle to green-light an epic stimulus package and after a dinner in Brussels ended with an extension on Brexit trade talks.
Let’s see what’s moving markets.
- The major Asia indexes are mostly lower in afternoon trading with Japan’s Nikkei off 0.2%.
- SoftBank is on a heck of a run, up nearly 11% today, and nearly 18% since Tuesday. An early investor in DoorDash, SoftBank saw its stake balloon in value to $11.5 billion after yesterday’s mega IPO.
- Here’s a bullish call on air travel. Virgin Australia’s new CEO Jayne Hrdlicka says the prospect of flying again will be “irresistible” for us marooned would-be travelers. She predicts a surge in air travel next summer.
- The European bourses ticked higher this morning with the Stoxx Europe 600 up 0.1% at the open.
- The British pound fell again in volatile trade after last night’s much-watched dinner between Boris Johnson and Ursula von der Leyen failed to yield a breakthrough in the deadlocked post-Brexit trade negotiations. What’s next in the world’s most tedious business story? A Sunday deadline. Oh joy.
- But there is progress on the European Union’s $2.2 trillion stimulus bill as holdouts Poland and Hungary have dropped their objections.
- U.S. futures are mixed this morning after all three indexes fell on Wednesday. The Nasdaq suffered its worst one-day loss since Oct. 30 as the threat of a Big Tech breakup looms larger.
- The antitrust cases have hardly dented the IPO market. Fortune‘s Danielle Abril spoke yesterday to CEO Tony Xu who explained how they intend to spend their new cash pile.
- Next up is Airbnb, and investor appetite for its new shares is brisk. It should beat the $3.37 billion DoorDash raised in its IPO. Here are six things you should know before those shares begin trading in a few hours.
- Gold is down, trading around $1,840/ounce.
- The dollar is flat.
- Crude is up, with Brent futures trading above $49/barrel.
- Bitcoin has bounced back, up nearly 4% to trade around $18,400.
This week’s billionaires
Reality check, No. 1
Reality Check: No. 2
Reality check, No. 3
Have a nice day, everyone. I’ll see you here tomorrow.
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