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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Warner Music Group Corp.    WMG

WARNER MUSIC GROUP CORP.

(WMG)
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Airbnb aims to raise roughly $3 billion in IPO - sources

10/02/2020 | 02:44pm EST
FILE PHOTO: A woman talks on the phone at the Airbnb office headquarters in the SOMA district of San Francisco

Oct 2 (Reuters) - Home rental company Airbnb Inc is aiming to raise around $3 billion in its upcoming initial public offering (IPO), people familiar with the matter said on Friday, taking advantage of the unexpectedly sharp recovery in its business after the COVID-19 pandemic roiled the travel industry.

Airbnb will be one of the largest and most anticipated U.S. stock market listings of 2020 which has already been a blockbuster year for IPOs, featuring the likes of record label Warner Music Group, data analytics firm Palantir Technologies and data warehouse company Snowflake Inc .

Airbnb said in August it had filed confidentially for an IPO with U.S. regulators.

The company's current plan is to make its filing publicly available in November after the U.S presidential election and is targeting an IPO some time in December, the sources said, requesting anonymity as the plans are private.

The sources cautioned that the timing is subject to change and market conditions, in particular volatility that could come from the election.

A spokesman for Airbnb declined to comment.

The company could achieve a valuation of more than $30 billion in the IPO, the sources added, again cautioning this was subject to market conditions.

This would be substantially higher than the $18 billion Airbnb was valued at in April when it raised $2 billion in debt from investors. Airbnb's most recent independent appraisal of the fair market value of its stock pegged its worth at around $21 billion.

The push to go public and the growth in its potential valuation underscores Airbnb's dramatic recovery from earlier this year when it secured emergency funding from investors and the outlook for the travel industry was uncertain.

Since then, San Francisco-based Airbnb has benefited as travelers shy away from larger hotels and instead prefer to drive to local vacation rentals.

The company said in July that customers had booked more than 1 million nights in a single day for the first time since March 3.

Shares of U.S. online travel agency Booking Holdings Inc , which some Airbnb investors use as a conservative public market proxy for its own stock, have rebounded more than 35% in the past six months.

Reuters reported last month that billionaire investor William Ackman had approached Airbnb about going public through a reverse merger with his blank-check company but that Airbnb was prioritizing going public through a traditional IPO.

(Reporting by Anirban Sen in Bangalore and Joshua Franklin in New York; Editing by Cynthia Osterman)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BOOKING HOLDINGS INC. 1.35% 2125.03 Delayed Quote.3.47%
PALANTIR TECHNOLOGIES INC. -0.75% 23.85 Delayed Quote.0.00%
SNOWFLAKE INC. 14.07% 387.7 Delayed Quote.0.00%
WARNER MUSIC GROUP CORP. -1.33% 29.57 Delayed Quote.0.00%
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More news
Financials (USD)
Sales 2021 4 867 M - -
Net income 2021 311 M - -
Net Debt 2021 2 702 M - -
P/E ratio 2021 48,6x
Yield 2021 1,45%
Capitalization 15 082 M 15 082 M -
EV / Sales 2021 3,65x
EV / Sales 2022 3,21x
Nbr of Employees 5 500
Free-Float 14,9%
Chart WARNER MUSIC GROUP CORP.
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Warner Music Group Corp. Technical Analysis Chart | MarketScreener
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Technical analysis trends WARNER MUSIC GROUP CORP.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 33,56 $
Last Close Price 29,57 $
Spread / Highest target 35,3%
Spread / Average Target 13,5%
Spread / Lowest Target -22,2%
EPS Revisions
Managers
NameTitle
Stephen F. Cooper Chief Executive Officer & Director
Michael M. Lynton Chairman
Eric Joshua Levin Chief Financial Officer & Executive Vice President
Ralph Munsen Chief Information Officer & Executive VP
Len Blavatnik Vice Chairman
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