ZoomInfo Technologies Inc, which operates a cloud market intelligence platform for sales and marketing teams, plans to go public as early as June in what could be one of the first technology listings amid the coronavirus (COVID)19) pandemic, according to Bloomberg.
In synch with the times, the Vancouver, Washington-based company may launch a virtual roadshow to market its $500 million IPO as soon as this month, reported Bloomberg, quoting people who asked not to be identified because the information is private.
Following its February 2019 deal to combine with DiscoverOrg, the company’s revenue doubled to $102 million in the first quarter compared with the same period last year, according to an IPO filing. In another positive sign, its net loss for the quarter shrunk to $5.9 million from $40 million in 2019.
ZoomInfo Technologies is testing the waters at a time when other companies that were planning to go public this year like Airbnb Inc have instead turned to private funding.
In April, Airbnb announced a deal to raise $1 billion through a combination of debt and equity from investment firms Silver Lake and Sixth Street Partners. Founded in 2008, Airbnb had previously raised $4.6 billion, and reportedly had a valuation of $35 billion, making it one of the most highly valued pre-IPO unicorns.
If the ZoomInfo Technologies IPO is successful, the market will have to tell the company apart from Zoom Video Communications Inc, which has gone from a video-conferencing app to the pandemic’s social network.
ZoomInfo plans to use the symbol ZI for its shares, which will list on the tech-laden Nasdaq.
Contact the author Uttara Choudhury at [email protected]
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Published at Wed, 13 May 2020 15:05:00 +0000-ZoomInfo planning first US tech IPO amid coronavirus pandemic