ZOOMINFO SURGES 100% ON FIRST DAY OF US TRADING
Shares of ZoomInfo Technologies, a business intelligence company, surged as much as 100% at intraday highs in New York, the latest big tech initial public offering (IPO) this year in a market languishing at the bottom as the COVID-19 pandemic shows no sign of abating.
Earlier in the day, the company priced its initial public offering at $21 per share, already higher than its expected range of $19 to $20 per share, an opened at $40 per share and surging to a high of $42 per share - more than double its IPO price - before paring some gains later in the day, Carmen Reinicke reported for Business Insider on June 5.
ZoomInfo expected to raise as much as $890 million in the IPO on 44.5 million shares, according to a regulatory filing. It's the latest big-tech listing of 2020, showing signs of recovery in the IPO market that has been in the doldrums due to the pandemic. On Wednesday, Warner Music Group, so far the largest US IPO this year, gained as much as 20% in its first day of trading.
The company joins two others with similar- and potentially confusing-- names listed on the public market. Zoom Video, ticker ZM, has surged during the coronavirus pandemic as it became a top mode of communication amid sweeping lockdowns and people working from home. Zoom Technologies, ticker ZOOM, had trading temporarily suspended in March after posting outsized gains likely due to a name mix-up.