ZoomInfo Technologies Inc., the business-intelligence platform, is set to raise about $935 million in a U.S. initial public offering, pricing its shares above a targeted range, according to people with knowledge of the matter.
The Vancouver, Washington-based company on Wednesday is pricing 44.5 million shares at $21 each, said the people, who asked not to be identified because the information wasn’t public yet. The shares were marketed for $19 to $20 each, a range that had been increased from $16 to $18.
A representative for ZoomInfo declined to comment.
The listing is part of a global IPO surge that could raise a total of more than $6 billion this week, according to data compiled by Bloomberg. Warner Music Group Inc. shares jumped as much as 23% in its trading debut Wednesday after a $1.9 billion offering, the largest IPO in the U.S. this year.
Three IPOs scheduled to price Thursday in the U.S. could raise a combined total of more than $960 million. Those companies are Chinese e-commerce firm Dada Nexus Ltd., Allentown, Pennsylvania-based Shift4 Payments Inc. and cancer treatment developer Legend Biotech Corp. On Friday, Chinese internet giant NetEase Inc. is planning to price a $2.8 billion second listing in Hong Kong, terms obtained by Bloomberg show.
ZoomInfo is the first technology listing in the U.S. since Chinese cloud service provider Kingsoft Cloud Holdings Ltd.’s IPO in April. Several companies that were planning to go public this year, such as Airbnb Inc. and Procore Technologies Inc., have turned to private funding instead in the face of economic uncertainties.
ZoomInfo’s debut could add to confusion related to Zoom Video Communications Inc., whose 224% stock rally this year has been partly fulled by the popularity of its video conferencing service. Shares of a third and also unrelated company, Zoom Technologies Inc., rose with Zoom Video’s IPO last year and again in March when Zoom Video’s shares jumped as use of its conferencing soared during the coronavirus pandemic.
The offering by ZoomInfo is being led by JPMorgan Chase & Co. and Morgan Stanley. The company plans to list its shares on Nasdaq Global Select Market under the symbol ZI.
Source: Bloomberg
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