• Airbnb filed an updated S-1 Tuesday ahead of its expected IPO later this month.

• Airbnb says it expects to price between $44 and $50 per share.

• That would give Airbnb a valuation of up to $35 billion, up from its peak private valuation of $31 billion.

Airbnb plans to price at $44 to $50 per share in its IPO, giving it a valuation of up to $35 billion on a fully diluted basis, according to a new filing the company submitted to the SEC Tuesday. The company seeks to raise about $2.5 billion in the IPO. Existing investors seek to sell $96 million worth of stock in the IPO.

Airbnb’s last private valuation was $18 billion, after it raised $2 billion in debt earlier this year as the company struggled in the early months of the pandemic. That was nearly half its peak private valuation ($31 billion) from 2017.

The company will list on the Nasdaq under the ticker “ABNB.” It’s expected to hold its IPO later this month. Airbnb’s roadshow, where it makes its pitch to investors, will start Tuesday.

Airbnb released its first S-1 last month, reporting net income of $219 million on $1.34 billion in revenue in the third quarter of this year, down about 19% from the year before. Like most travel companies, Airbnb has seen a drop in business due to the Covid-19 pandemic.

But after cutting about 25% of its staff, or about 1,900 employees, in May, Airbnb saw its business quickly bounce back later in the year. That was thanks to a surge in rentals in rural areas as people looked for safe escapes amid the pandemic. The company was originally expected to IPO in the first half of the year, but the pandemic upended those plans.

But with markets ripping higher on positive vaccine news and President-elect Joe Biden’s election win last month, it’s a good environment for companies to go public now.

In addition to Airbnb, DoorDash, the maker of the popular food delivery app, is also expected to IPO this month. DoorDash released its updated S-1 filing Monday, and is seeking a valuation of up to $32 billion in its debut. That’s double DoorDash’s last private valuation of $16 billion in June.