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ZoomInfo Technology (ZI) shares surged around 90% on its first trade after the IPO held on Wednesday. Having closed yesterday with a 61.90% increase to trade at $34, the stock is around 6% up now.
On late Wednesday, June 3, ZoomInfo Technology Inc (NASDAQ: ZI) stock might have revived a lot of traders’ spirits after surging almost around 90% in its first trade after the IPO. According to their filings, the company filed an initial offering of 44.5 million class A common stock at around $21. However, ZoomInfo stock value suddenly rose to trade slightly above $40, only to settle around $33.84 as of the pre-markets data. Now ZI stock is 6.29%, at $36.14.
As a result of the high rise in company market share price, the company is now valued about $13.4 billion. According to ZoomInfo, it has helped several organizations achieve their objectives on profitable growth, which is backed by its comprehensive B2B database.
Michael Levy, Principal GZ Consulting, stated:
“ZoomInfo, powered by DiscoverOrg, is well placed to challenge LinkedIn Sales Navigator as the largest sales intelligence service in North America”.
More on ZoomInfo Technology Inc.
For your information, please, do not confuse ZoomInfo Technology Inc. with Zoom Video Communication Inc (NASDAQ: ZM) as they are two different companies but with the close resemblance in their names.
Since its creation in 2019, ZoomInfo technology Inc. has been helping corporate sales and also marketing teams with a better view of their customers by integrating tools sourced from the likes of Salesforce.com Inc (NYSE: CRM), Oracle Corporation (NYSE: ORCL), and also Microsoft Corporation (NASDAQ: MSFT).
With over 15,000 customers in a $24 billion market opportunity, ZoomInfo expected to see its shares set a new ATH. According to what ZoomInfo was projecting on its IPO, it was anticipated to raise $757 million, whereby it collected more than $900 million. As a result, it stirred the tech IPO industry that has been dormant due to the COVID-19 crisis.
The rise was anticipated as the total revenue collected by the company increased in the first quarter in comparison to the prior year. In 2019, the company recorded a 39% increase in its revenue, whereas during the first quarter it recorded a 42% rise to hit $103.6 million. However, ZoomInfo Technology Inc. recorded a net loss during the first quarter of about $5.9 million.
The company that is headed by CEO Henry Schuck had approximately 192,000 paid subscribers on its platform by December 2019, whereby it mostly marketed itself via its official webpage.
According to a 2019 market research, the market for B2B lead generation in the United States was estimated at approximately $2.6 billion and anticipated to hit $3.2 billion by the next four years.