Zoom
Zoom Video Communications Inc.'s stock jumped 81% in its debut to the public market on Thursday.
Shares of the video conferencing-company began trading on the Nasdaq at $65 apiece. Zoom had priced its initial public offering at $36, raising $751 million.
That would have valued the business at $9.2 billion, about ninefold its private valuation. Shares were expected to price between $33 and $35 apiece.
Setting it apart from other so-called unicorns, private companies worth more than $1 billion, Zoom is profitable. A fast pace of growth has drawn attention to the eight-year old company, which was founded by Eric Yuan, the former vice president of engineering at the video-conferencing company WebEx.
Another technology unicorn, the digital-image-board company Pinterest, also debuted on Thursday, gaining 25% in its opening minutes of trading. The ride-hailing giant Lyft was the first tech unicorn to enter public markets this year, but has struggled since its debut last month.
Zoom's shares trade under the ticker symbol ZM.
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https://markets.businessinsider.com/news/stocks/zoom-video-communications-initial-public-offering-to-begin-trading-2019-4-1028122303
2019-04-18 15:33:45Z
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