Zoom pops 81% in Nasdaq debut
by Kate Clark from Crunch Hype on (#4DE5G)
Shares of Zoom (Nasdaq: ZM) began trading at $65 a pop Thursday morning after the video conferencing unicorn priced its shares at $36 apiece Wednesday, above its anticipated range.
The company initially planned to price its shares at between $28 and $32 per share, but following big demand for a piece of a profitable tech business, Zoom increased expectations, announcing plans to sell shares at between $33 and $35 apiece.
The initial public offering gives Zoom a fully diluted market cap of roughly $10 billion, or 10 times larger than the $1 billion valuation it garnered with its last round of private funding in 2017.