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Stock Market

Airbnb release its prospectus to debut on Nasdaq Stock Exchange

Airbnb released its prospectus to debut on the Nasdaq Stock Exchange.

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Airbnb releases $250 million relief fund to help affected hosts

Airbnb, the world’s biggest and most popular vacation online rental marketplace, just released its prospectus to debut on the Nasdaq Stock Exchange. Airbnb allows its customers to order for short-term rentals and experiences while traveling.

Airbnb via its detailed prospectus revealed it made $219 million in net income on revenues of $1.34 billion last quarter. That was unsurprisingly lower than $1.65 billion in revenue a year prior.

  • It’s critical to note that Airbnb presently has about 327 million users in a span of 11 years, showing a great upside in monetizing its business model exponentially for the long term.
  • Airbnb plans to trade under the symbol “ABNB” on the Nasdaq.
  • In its prospectus, the company put an emphasis on building a community around its hosts and guests, positioning that community as a differentiating factor from its competitors. The company said it would set up 9.2 million shares of non-voting stock aside in an endowment fund for hosts.

The prospectus said, “Our guests are not transactions — they are engaged, contributing members of our community.” The company said in its prospectus summary, “Once they become a part of Airbnb, guests actively participate in our community, return regularly to our platform to book again, and recommend Airbnb to others who then join themselves.

“This demand encourages new hosts to join, which in turn attracts even more guests. It is a virtuous cycle — guests attract hosts, and hosts attract guests.”

What you should know

Nairametrics about a month ago, disclosed Airbnb was hoping to have a valuation of $30 billion in the IPO slated in the latter part of 2020. 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 is hoping to raise about $3 billion in its upcoming initial public offering. In a report credited to Reuters news, it plans to use the present leverage of its business, after it recently rebounded in revenues from the COVID-19 induced negative toll on the hospitality industry.

  • Airbnb is an online marketplace that allows individuals to let out their apartments or spare rooms to intended guests, at prices often lower than hotels.
  • Airbnb makes a cut of 3% commission of every booking from those individuals listing their apartments on Airbnb’s platform, and between 6% and 12% from guests that book via its platform.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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Spotlight Stories

Bulls stage a comeback at Nigerian stock market

Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum.

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The Nigerian stock market ended the third trading session of the week on a bullish note. The All Share Index rallied by 0.14% to close at 40,221 index points.

Year-to-date return and market capitalization settled at -0.12% and N21.04 trillion respectively.

  • Activity level strengthened as total volume and value of stocks traded grew 38.95% and 82.28% to 469.56 million units and N7.08 billion respectively.
  • The top traded stock by volume and value was ZENITHBANK (1.15%) at 154.6 million units valued at N4.09 billion.
  • The NSE Oil & Gas index topped the gainers, up 0.79% on the back of sustained buy interest in OANDO.
  • Investor sentiments as measured by market breadth was neutral as 20 stocks advanced against 20 decliners. OANDO (+10.00%) led the gainer’s chart today, while LASACO (-9.49%) was the top loser.

Top gainers

  1. OANDO up 10.00% to close at N3.41
  2. ABCTRANS up 9.38% to close at N0.35
  3. JAPAULGOLD up 9.23% to close at N0.71
  4. ROYALEX up 8.70% to close at N0.25
  5. ACADEMY up 7.89% to close at N0.41

Top losers

  1. LASACO down 9.49% to close at N1.24
  2. CHIPLC down 8.33% to close at N0.33
  3. CORNERST down 7.81% to close at N0.59
  4. FLOURMILL down 6.94% to close at N28.85
  5. WAPIC down 6.90% to close at N0.54

Outlook

Nigerian bourse ended the third trading session of the week amid falling oil prices across the market spectrum. High buying pressures from medium capitalized stocks which include OANDO, JAPAULGOLD, ROYALEX lifted market sentiments across the spectrum.

  • Trailing, the Banking and Industrial indexes gained 0.77% and 0.22% respectively due to price appreciation in ACCESS (+1.80%), FIDELITY (+1.73%), and ZENITH (+1.13%).
  • Nairametrics, however, suggests cautious buying amid soft crude oil demand in play at the world’s largest economy.

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