Zoom Video Technologies is expected to start trading on Nasdaq on Thursday.
This values Zoom at $9.2 billion, up from its last private valuation of $1 billion.The video communication companypriced its IPO at $36 per share on Wednesday, above its expected range, a source familiar with the process told Business Insider.
This values the company at $9.2 billion — about 9 times its last private valuation of $1 billion in 2017. CNBCThe company is expected to start trading Thursday on Nasdaq under the ticker symbol"ZM." It will be joined by, another unicorn company valued over $1 billion, which is also expected to list on Thursday, this time on the New York Stock Exchange under the ticker"PINS."
Zoom's IPO price comes in above the $33 to $35 price range set by the company in a filing on Tuesday. An earlier version of Zoom's S-1 from April 8 had set its range much lower, at $28 to $33 per share.Billion-dollar startup Zoom filed to go public — and shares of a totally unrelated company also called called Zoom shot up 1,100%
Zoom, which sells cloud video communication software for use in the workplace, was founded in 2011 by CEO Eric Yuan, who was previously vice president of engineering at the video-conferencing company WebEx. Yuan joined Cisco in 2007 when it bought WebEx for $3.2 billion.The company reported $330.5 million in revenue in fiscal 2019, which ended January 31. That's up 118% from $251.4 million in fiscal 2018. In 2019, $6 million of that revenue was profits.
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