Latham & Watkins Advises Airbnb on US$3.4 Billion IPO

Airbnb, Inc. has announced the pricing of its initial public offering of 51,323,531 shares of Class A common stock, 50 million of which are being sold by Airbnb and 1,323,531 of which are being sold by certain selling stockholders, at a public offering price of US$68 per share. In addition, Airbnb has granted the underwriters a 30-day option to purchase up to an additional 5 million shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions. Airbnb's Class A common stock is expected to begin trading on the Nasdaq Global Select Market on December 10, 2020, under the ticker symbol "ABNB." The gross proceeds from the offering to Airbnb, before deducting underwriting discounts and commissions and other offering expenses payable by Airbnb, are expected to be approximately US$3.4 billion, excluding any exercise of the underwriters' option to purchase additional shares. Airbnb will not receive any proceeds from the sale of shares by the selling stockholders. The offering is expected to close on December 14, 2020, subject to the satisfaction of customary closing conditions.

Latham & Watkins LLP represents Airbnb in the offering with a corporate deal team led by Bay Area partners Tad Freese, Kathleen Wells, Tony Richmond, Robert Koenig, New York partner Greg Rodgers, and Chicago partner Alexa Berlin, with Washington, D.C. counsel Chuck Cassidy, Bay Area associates Richard Kim and Meredith Peake, Houston associate Madeleine Neet, Bay Area associate Raul Gonzalez, and Washington, D.C. associate Charlie Guinn. Advice was also provided on securities law matters by Washington, D.C. partners Joel Trotter, Alex Cohen, Paul Dudek, and Brian Miller, with associate William Hackett; on benefits and compensation matters by Bay Area partner Jay Metz and Washington, D.C. partner David Della Rocca, with Boston associate Lilly Fang; on tax matters by Bay Area partners Kirt Switzer and Grace Lee, with Boston associate Jeremiah Cowen; on data and technology transaction matters by Bay Area partner Anthony Klein, with associates Arielle Singh and Adam Kaldor; on OFAC and sanctions matters by Washington, D.C. partners Les Carnegie and Eric Volkman, with counsel Rachel Alpert and associate Elizabeth Annis; on AML and payments matters by Washington, D.C. partner Todd Beauchamp, New York partner Alan Avery, and London partners David Berman and Charles Claypoole, with New York counsel Pia Naib, Washington, D.C. associate Charles Weinstein and London associate Jonathan Ritson-Candler; on antitrust matters by Bay Area partner Hanno Kaiser and Brussels partner Lars Kjølbye; on data privacy and security matters by London partner Gail Crawford, with Washington, D.C. counsel Marissa Boynton and London associate Liz Longster; on FCPA matters with New York/Washington, D.C. partner Nicholas McQuaid, with New York associates Faust Petkovich and Lauren Sun; on securities litigation matters by Bay Area partner Matt Rawlinson, with associate Daniel Gherardi; and on Investment Company Act of 1940 matters by Chicago partner Nabil Sabki, with associate John Reinert.