ZoomInfo Raises $935M In Its IPO, Beating Market Expectations
ZoomInfo on Wednesday raised $935 million in its initial public offering.
The business database provider sold 44.5 million shares priced at $21 each, as earlier reported by the Financial Times.
The public offering, which is the largest so far this year among technology companies, puts ZoomInfo's valuations at $19.5 billion.
The Massachusetts-based company's offering followed that of Warner Music Group Corp. (WMG) earlier in the day.
Warner Music raised $1.925 billion in its IPO, priced at $25 per share. The shares surged 20.5% at $30.12 on the first day of trading at Nasdaq Stock Market.
ZoomInfo beat market expectations in its IPO. Analysts had estimated the business-to-business company could raise $850 million, the Journal reported earlier.
The IPO market had been quiet this year so far as economic activity is disrupted across the globe in the wake of the novel coronavirus (COVID-19) pandemic.
How much do you think the Coronavirus contributed to ZoomInfo's IPO success? Do you think their market cap will continue to grow or do you think it is currently at its highest valuation?
I've never even heard of ZoomInfo, but I bet some will mistake it for ZOOM $ZM and buy heavily. Such things have happened before.
Interesting point. People have definitely made that mistake before. ZoomInfo is an SaaS that through a subscription service provides access to its database of information about business people and companies to sales, marketing and recruiting professionals.
I assumed that as human interaction is currently limited, companies are required to rely on alternative strategy to obtain this information, so ZoomInfo's value is at an all-time high.