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ZoomInfo IPO priced at $21 per share; largest tech listing of year

The listing is the latest in a packed week for IPOs, which have rebounded after market turmoil in March and April as Covid-19 pandemic delayed many listings

twitter-logoReuters | June 4, 2020 | Updated 17:32 IST
ZoomInfo IPO priced at $21 per share; largest tech listing of year
The Carlyle Group-backed business intelligence platform said it sold 44.5 million shares

ZoomInfo Technologies Inc priced its initial public offering (IPO) at $21 per share, above its upwardly revised target range, in the largest US technology listing so far this year, the company said early Thursday.

The listing is the latest in a packed week for IPOs, which have rebounded after market turmoil in March and April as Covid-19 pandemic delayed many listings.

The Carlyle Group-backed business intelligence platform said it sold 44.5 million shares, which at $21 a share would raise $934.5 million and value the company at just over $8 billion(6.38 billion pounds).

On Wednesday, Warner Music Group Corp's stock popped 8 per cent on its Nasdaq debut, after selling $1.9 billion in shares toward the higher end of its target range.

ZoomInfo said its customers in industries most impacted by the pandemic, including retail, restaurant, hotels, airlines and oil and gas may reduce their technology or sales and marketing spending, which could adversely impact its business.

JPMorgan and Morgan Stanley were the lead bookrunners for the IPO. ZoomInfo shares are due to begin trading on the Nasdaq on Thursday under the trading symbol "ZI."

Also Read: Coronavirus pandemic: Investors bet on Mukesh Ambani's Jio and its giant-killer playbook

Also Read: Coronavirus impact: Renault India gives 15% hike, promotions to boost morale of staff

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