Kiwis expected to go for Airbnb
AUCKLAND: New Zealand investors are lining up for a piece of Airbnb, which is expected to list on the Nasdaq market in the United States next month.
The USbased homesharing platform was due to have released details of its planned initial public offer (IPO) this week, but business news service Bloomberg says that has been delayed until next week because of uncertainty surrounding the US election result.
Airbnb is seeking to raise $US3 billion ($NZ4.35 billion) in a move that would give the company a valuation of about $US30 billion.
Next month, Airbnb will set out its case in an investor roadshow, before it lays out plans to set an IPO price range and eventually trade on the stock market, despite a recent upsurge in coronavirus cases in the US and around the world.
The Airbnb listing on the Nasdaq promises to be one of the largest stock market listings of the year.
This year, as the coronavirus pandemic shut down global travel, Airbnb saw its bookings plummet and revenue tumble.
Hatch, the Wellingtonbased digital investment platform that allows New Zealanders to invest in US sharemarkets, expects to see a high level of interest in the issue.
‘‘It is likely that a high percentage of existing investors will be interested, as they are with most major IPOs,’’ Hatch general manager Kristen Lunman said.
‘‘I suggest that with this one, it will not just be existing Hatch investors but there will also be an influx of new investors who will see it as an opportunity to get investing,’’ she said.
Hatch has 65,000 people signed up.
MS Lunman said Airbnb had a high profile and a lot of public understanding thanks to its visibility in daytoday life.
Fletcher rebounds
Fletcher Building’s share price has rebounded strongly after the company’s earnings update this week.
It said that in the first four months of its 2021 financial year, group earnings before interest and tax before significant items was $227 million, up $80 million.
At current levels, the stock is fully $2 higher than where it was in midAugust.
Castle Point Funds cofounder Richard Stubbs said Fletcher’s announcement was not too surprising given strong residential building activity and robust building consent numbers after the lockdown.
The company had indicated at its annual meeting that a strongerthanexpected first quarter was on the cards.
Plexure placement
Plexure has undertaken a $A32 million ($33.8 million) placement through a new secondary ASX listing and $5 million share purchase plan to accelerate global expansion.
The company, in which McDonald’s has a stake, plans to keep its primary listing on the main NZX board.
Plexure’s mobile platform is used by companies including McDonald’s, White Castle and 7Eleven for online ordering, marketing and loyalty programmes. — The New Zealand Herald