(Bloomberg) -- Airbnb Inc. has chosen to list its shares on the Nasdaq Global Select Market, a win for the exchange after losing high-profile listings such as Uber Technologies Inc. to the New York Stock Exchange for years.The home-rental company didn’t disclose any further details of its listing plans in a one-sentence statement Tuesday.Nasdaq has a reputation for technology-focused stocks such as software and biotechnology, including high-profile initial public offerings such as those for Lyft Inc. and Zoom Video Communications Inc. Yet it has frequently lost the competition for mega IPOs to NYSE, including Uber’s $8.1 billion listing last year and Snowflake Inc.’s $3.86 billion offering including so-called greenshoe shares in September.A representative for Airbnb declined to comment beyond the statement.Airbnb said in August that it had filed confidentially with the U.S. Securities and Exchange Commission for an IPO. The company will seek to raise as much as $3 billion in an IPO before the end of the year, people familiar with the matter have said.At that price, Airbnb’s offering would be the third-biggest on Nasdaq, topped only by Facebook Inc.’s $16 billion IPO in 2012 and Mondelez International Inc.’s $8.68 billion listing in 2001. By comparison, the New York Stock Exchange has been the venue for at least 23 IPOs exceeding $3 billion, according to data compiled by Bloomberg.Valuation FluxAirbnb was valued at $18 billion in April when it raised $2 billion in debt from investors at the depth of the pandemic. That was a significant drop from its earlier peak valuation of $31 billion in a 2017 fundraising round.San Francisco-based Airbnb told shareholders in an email that it was splitting its privately held shares this week, a move that would lower its stock price per share, signaling that it is nearing a public offering, Bloomberg reported.The value of the shares has climbed 10.4% from its last valuation listed in compensation reports to the Internal Revenue Service, according to the email. A person familiar with the matter said the increase was from the end of the second quarter.After the split, the company’s common shares were valued at $34.88 apiece as of Sept. 30, according to the email. That value is calculated for tax purposes related to employee compensation.At that price, the company would be valued at about $22 billion according to people familiar with the matter who asked not to be identified because the matter wasn’t public. The market value of the firm in an IPO, though, would be based on the existing shares plus newly issued ones. The value of shares would likely exceed that for the price used in the valuation for the shares as of Sept. 30.‘Defensible’ RangeThat’s because such valuations are based on what the IRS defines as the fair-market value of the shares at that point in time. Typically, they are estimates at the “low-end of a defensible valuation range performed by compliance experts” and are distinct from the calculations relied on by venture capitalists, according to Morgan Stanley’s Shareworks, which services corporate stock plans.Still, the increase of the share price used for tax-related calculation coincides with the rebound of Airbnb over the summer after the spring plunge caused by the coronavirus pandemic.Airbnb bounced back from the pandemic more quickly than it expected, as people sought long-term, rural rentals to escape hot spots and take advantage of work-from-home opportunities. The company began seeing signs of recovery in June, with bookings down only 30% from the same month in 2019, people familiar with the matter have said. That compared with a 70% decline in May from a year earlier.(Updates with comparable listings in sixth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.