ZoomInfo surges 100% on its first day of trading
- ZoomInfo Technologies priced its initial public offering at $21 Thursday, above its expected range.
- Shares of ZoomInfo popped when it started trading Thursday, and surged as much as 100% at intraday highs.
- It's the latest big-tech IPO of the year, showing signs of recovery in the market.
- Read more on Business Insider.
Shares of ZoomInfo Technologies, ticker ZI, surged as much as 100% at intraday highs in their first-ever day of trading Thursday.
Earlier in the day, the business-intelligence company priced its initial public offering at $21 per share, already higher than its expected range of $19 to $20 per share.
The stock popped even more when it started trading Thursday, opening 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.
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 slammed by the coronavirus pandemic. On Wednesday, Warner Music Group, so far the largest US IPO of the 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.