Zoominfo Aims to Price IPO Above Target on Largest Tech List 2020

Zoominfo Technologies seeks to price its initial public offering on Wednesday above its revised upward target range on what will be the largest technology list in the United States so far this year, people familiar with the matter said.

A B2B data vendor, Zoominfo – not to be confused with Zoom Video Communications, the company that offers video conferencing – is seeking to sell shares in the IPO at $ 21 each, above its revised upward target range of $ 19 to $ 20, sources said, warning that the final price has not yet been resolved.

The Carlyle Group-backed business intelligence platform has said it is seeking to sell 44.5 million shares, which at $ 21 would raise $ 934.5 million to value the company at just over $ 8 billion.

Zoominfo declined to comment.

The list is the latest in a week filled with IPOs, which have recovered after the market turmoil in March and April over the COVID-19 pandemic that delayed many lists.

Earlier Wednesday, Warner Music Group Corp shares rose 8 percent in their Nasdaq debut, after selling $ 1.9 billion in shares toward the upper end of their target range in the largest US IPO in the world. that goes of the year.

Zoominfo said that its customers in the industries most affected by the pandemic, such as retail, restaurants, hotels, airlines, and oil and gas, may reduce their technology or their sales and marketing expenses, which could affect negatively your business.

JPMorgan and Morgan Stanley were leading book brokers for the IPO. Zoominfo shares will begin trading on Nasdaq on Thursday under the trade symbol “ZI”.

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