ZoomInfo Shares Rocket in First Day of Trading

ZoomInfo shares surged, marking the second major IPO to soar in two days, following Warner Music's successful debut Wednesday.
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ZoomInfo’s initial public offering took off more than 70% Thursday in a hectic first day of trading for the business-to-business market-information company.

The stock recently traded at $36.28, up 73%. They have traded in the session at as much as $42, double the offering price.

ZoomInfo's offering of 44.5 million shares was priced at $21, and the stock trades on the Nasdaq with the ticker symbol ZI.

The Vancouver, Wash., company raised about $935 million in the offering.

ZoomInfo is the first U.S. tech IPO since Chinese cloud-service provider Kingsoft Cloud Holdings’ IPO in April.

Several tech companies that had planned IPOs for this year, such as Airbnb and Procore Technologies,instead elected to raise money privately, scared off by the market’s turmoil amid the coronavirus pandemic.

ZoomInfo is not to be confused with Zoom Video Communications  (ZM) - Get Report, the video communication platform that has been all the rage since the pandemic sent millions of workers home.

ZoomInfo’s offering follows that of Warner Music Group, which began trading Wednesday under the symbol WMG. In their debut, Warner Music Group shares jumped as much as 23% and closed at $30.12.

The IPO of 77 million shares of Warner Music Group was priced at $25. The offering was boosted from an initial 70 million shares.

It's the biggest IPO of the year so far. It valued Warner Music Group at more than $13 billion.

The listings from ZoomInfo and Warner Music Group are part of a global surge of initial public offerings that could raise a total of more than $6 billion this week, according to Bloomberg.