Airbnb sold its shares at $68 in IPO

Airbnb that offers short-term rentals and experiences for travellers marked its IPO by selling shares at $68, pricing by exceeding its range, as reported by people familiar with the matter, CNBC reported.The IPO on Thursday marked the company’s value at $47 billion. Initially the company stated it was expecting to sell shares at between $56 and $60.Based in San Francisco, the company which was founded in 2008 generates money by charging short-term hosts, and guests a service fee for the bookings made through the service delivered by the company.Airbnb generated $219 million in net income on revenues of $1.34 billion last quarter. That was below close to 19% from $1.65 billion in revenue from the previous year. Although the company had primarily turned net losses, the company secured quarters of profitability, including the second and third quarters of 2018 and the third quarter of 2019.(Reference: CNBC)