Shares in holiday rental company Airbnb have surged on their first day of public trading.
At the close of the day, the organisation had a valuation of more than $100 billion.
The massive listing – the biggest of the year in the United States – raised $3.5 billion for the company at the end of what has been a challenging year.
Airbnb said it would use the money to help it survive the pandemic, which has devastated travel.
Demand for shares in the company saw the price of a share more than double from the initial offering of $68 apiece. ADVERTISEMENTAirbnb bookings crashed this spring, forcing it to slash staff numbers by 25 per cent and raise $2 billion in emergency funds.
Last month, the firm said travel had returned somewhat over the summer, as people looked to escape locked down cities with long-term rentals within driving distance.
The company reported a surprise profit for the July, August and September months.
But the firm has warned that renewed lockdowns in many places will weigh on recovery.
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