Airbnb started trading at $146 per share, valuing the company at $87.2bn, more than double the market cap of Marriott International.
Earlier this week the platform raised the pricing range to between $56 and $60 per share.
Airbnb was planning to raise $3bn with the listing.
Earlier this year Airbnb saw its valuation cut to $18bn after Silver Lake and Sixth Street Partners invested $1bn in the platform in a combination of debt and equity securities. Reports suggested that the company was paying 10% in interest plus Libor on the deal.
Shortly afterwards Airbnb announced a $1bn syndicated term loan from institutional investors,
Airbnb co-founder Brian Chesky said that the money meant rather than, rather that “merely hunkering down”, the company would “continue moving forward”.
It was thought that private equity firms Silver Lake, Apollo Global Management, Sixth Street Partners, Oaktree Capital Management and Owl Rock participated, with the loan priced at an interest rate of 750 basis points over the Libor benchmark.
Chesky said: “We know travel will return and rather than merely hunkering down, the support we have received will allow Airbnb to continue moving forward as we invest in our community. All of the actions we have taken over the last several weeks assure that Airbnb will emerge from the storm of the pandemic even stronger, regardless of how long the storm lasts.”