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Zoom, technology unicorn relatively under the radar, defied expectations with its initial public offering. The videoconferencing sector has set its IPO above its expected range on Wednesday, confirming its intention to sell the shares of its Nasdaq share, titled "ZM", at $ 36 apiece, CNBC reports.
The company originally planned to price its shares between $ 28 and $ 32, but due to strong demand for a profitable technology sector, Zoom has raised its expectations, announcing its intention to sell its shares between $ 33 and $ 35. piece.
The offer provides Zoom with an initial market capitalization of approximately $ 9 billion, nine times that of its most recent private market valuation.
Zoom plans to sell 9,911,434 Class A common shares from the list, which will bring in approximately $ 350 million of new capital.
If you have not had the chance to immerse yourself in Zoom's IPO, here's a quick look at its financial data:
- Zoom has raised a total of $ 145 million from venture capitalists before going public
- Its turnover amounted to $ 330 million for the fiscal year ended January 31, 2019 with a gross profit of $ 269.5 million.
- Its revenues have more than doubled from 2017 to 2018 and end in 2017 with a turnover of $ 60.8 million and in 2018 with $ 151.5 million
- Its losses have been reduced from $ 14 million in 2017 to $ 8.2 million in 2018 and to only $ 7.5 million in January 2019.
Zoom is supported by Emergence Capital, which holds a 12.2% stake prior to the IPO; Sequoia Capital (11.1%); Digital Mobile Venture, a fund affiliated with former Zoom board member Samuel Chen (8.5%); and Bucantini Enterprises Limited (5.9%), a fund owned by Chinese billionaire Li Ka-shing.
Zoom will debut on Nasdaq the same day Pinterest will be public on the NYSE. Pinterest, for its part, has set the price of its shares above its expected range, according to the Wall Street Journal.
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