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Shares rose more than 72% at the end of Thursday's first trading day, to $ 62 a share. Zoom (ZM) had set his IPO at $ 36 per share. It was valued at just under $ 16 billion when markets closed.
The company was the second high-tech IPO on Thursday, overshadowed by the hype by the social site Pinterest (PINS). Pinterest posted a strong performance on the first day, finishing 28% more than its IPO price. But he was largely outperformed by Zoom.
"We were worried about the IPOs of unicorns after Lyft (LYFT) Disappointed but Zoom and Pinterest show that there is an appetite for the highly-prized startups, "said Matt Kennedy, an analyst at Renaissance Capital, told CNN Business. [growing] blazing fast and very profitable. The price of its IPO was not cheap, but despite the evaluation of premiums, it still jumped today. "
Kennedy said that it was extremely rare for a company valued at $ 10 billion – the value of Zoom was similar to that of the IPO on Thursday – to have such a price hike actions. The last company to do this was Twitter in 2013.
Zoom was founded in 2011 by Eric Yuan. Yuan, a native of China, arrived in the United States in 1997 after eight unsuccessful attempts to obtain a visa in the space of about a year and a half. He succeeded in the ninth attempt, he said in an interview in July with GGV Capital, a venture capital firm.
Yuan said he was inspired by the move to Silicon Valley after hearing a speech by Microsoft founder Bill Gates several years ago. He said, looking back, that it was a lesson in perseverance. Once in the United States, he said: "I understood, wow, that this is the first wave of the Internet revolution.I do not think I want to miss that."
Yuan started writing code in the Webex Web conferencing company, which was eventually acquired by Cisco in 2007 and is now known as Cisco Webex. Prior to joining Zoom, he was Vice President of Engineering at Cisco.
Yuan said that he did not intend to stay in the United States more than a few years, but that "the idea of going home is gone."
Zoom is not to be confused Zoom Technologies (ZOOM), a small Chinese wireless communications company. However, some investors may have confused the two: the title of Zoom Technologies was also boosted Thursday. The stock closed the day up 10%, but it had risen much earlier in the day. It is now worth $ 2.70 per share.
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