Zoom rocketed 72% on first day of trading.
Videoconferencing software company Zoom made its debut Thursday on the Nasdaq under the ticker symbol"ZM," surging 80% to $65 and closing out the day up 72% at $62.
After filing to go public on March 22, Zoom estimated two weeks later that it would price shares in the range of $28 to $32. Zoom increased the range to between $32 and $35 this week, and on Wednesday it priced above the top of that range, valuing the company at $9.2 billion. Zoom raised $356.8 million after selling 9.91 million shares in the IPO. Existing shareholders, including Emergence Capital, Sequoia and Yuan sold another 11 million shares.
The IPO market is picking up, with Lyft and PagerDuty debuting in recent weeks, and Pinterest opening alongside Zoom on Thursday. Uber released its IPO filing earlier this month, while Postmates and Slack have confidentially filed.
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