ZoomInfo IPO priced at $21 per share in largest tech listing this year

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ZoomInfo IPO priced at $21 per share in largest tech listing this year

ZoomInfo Technologies Inc., the Carlyle Group-backed business intelligence platform, headquartered in Vancouver, Washington, said earlier on Thursday that the American subscription-based Software as a Service (SaaS) company which usually makes money by selling access into its database containing wide-ranging business information such as business personnel data, intel of sales, marketing and recruiting professionals, had priced its IPO (Initial Public Offering) at $21 per share, above the upper limit of its target range, which in effect marked up the ZoomInfo initial offering as the largest tech listing in the United States this year.

Besides, according to the Washington-based business intel platform that sells access into its database of business personnel, marketers and potential recruiters, had sold 44.5 million shares at $21 per share, raising a stark sum of $934.5 million and proffering the company a market valuation of just over $8 billion.

In point of fact, the ZoomInfo IPO was taken place at a critical time when the IPO markets started off regaining its appetite for potential start-ups following a three-month long market turmoil stemmed from the pandemic outbreak.

IPO markets regain appetite

As beforemtioned, ZoomInfo IPO, which has been the largest tech listing this year thus far, came forth a day after the Warner Music Group Corp.’s shares’ had shot up 8 per cent higher in market debut after selling nearly $1.9 billion worth of stocks at its upper end of target range.

Meanwhile, although the ZoomInfo IPO, leading bookrunners of which had been two of the largest US lenders such as JPMorgan and Morgan Stanley, had spurred up appetite for the US IPO markets, raising an alarming bell for its customers, ZoomInfo was quoted saying in a statement on Thursday morning that the company was expecting a cataclysmic drawdown at its businesses following a pandemic-led en masse rout and forced closures of businesses including retails, hotels, restaurants, oil and gas companies and airlines, while the business intelligence company had also cautioned of a steep decline in business investments over the coming months.