SAN FRANCISCO — Airbnb is set to have its initial public offering (IPO) on the NASDAQ exchange on December 10.
As of December 7, the short-term rental company has set its target price range for the IPO at between US$56 and US$60 per share, up from a previously released target of US$44 to US$50 each.
The company also launched Airbnb.org — an independent non-profit organization dedicated to facilitating temporary stays for people in times of crisis — on December 7, promising to commit 400,000 shares of Airbnb stock to support the organization. Co-founders Joe Gebbia, Brian Chesky and Nate Blecharczyk will donate an additional $6 million to the cause.
Airbnb’s existing Open Homes and Frontline stays programs will be combined under Airbnb.org going forward. The organization will allow hosts on Airbnb to provide free and discounted stays to people impacted by emergencies, including natural disasters and the COVID-19 pandemic.
“Airbnb.org is a testament to our community’s generosity and the power of an idea that started with one host eight years ago and has transformed into a movement of compassion and hospitality,” says Gebbia. “Founding and supporting Airbnb.org allows us to double down on our efforts to help communities in need across the world in coordination with our partners, including the [International Federation of Red Cross and Red Crescent Societies] and [Community Organized Relief Effort], to further amplify the generosity of our host community.”
Over the next two years, Airbnb.org will commit $1 million to cover stays for International Federation of Red Cross and Red Crescent Societies (IFRC) staff and volunteers supporting communities worldwide hit by COVID-19 and other humanitarian disasters. Community Organized Relief Effort (CORE) will also receive a $1-million contribution, which will be utilized to fund stays for frontline workers administering free COVID-19 tests, conducting contact tracing, providing flu shots and coordinating quarantine-support resources in ten cities across the U.S. with the opportunity to launch in new cities as hotspots arise. When a vaccine becomes available, CORE will also use Airbnb.org funding to house relief workers traveling to vaccine distribution centres.