(Reuters) - Shares of ZoomInfo Technologies Inc almost doubled in their U.S. market debut on Thursday, after the business intelligence platform raised about $934.5 million in the largest U.S. technology listing so far this year.
The deal is the latest in a string of U.S. IPOs this week and underscores the recent rebound in the market for new stocks following the outbreak of the COVID-19 pandemic.
ZoomInfo shares opened at $40, some 90% higher than their $21 per share IPO price, giving the company a market valuation of $15.3 billion. The stock pared gains slightly to trade up 76.4% at 1:03 p.m. ET.
ZoomInfo, backed by private equity firms Carlyle Group and TA Associates, had paused its IPO preparations earlier this year due to turbulent financial markets. This also coincided with a surge of interest from potential clients, with new business in April rising 87% year on year.
“What we saw in that interim period of time was company after company coming to us and saying, ‘Look we’re digitizing our salesforce,’” Chief Executive Henry Schuck said in an interview.
ZoomInfo sells a subscription service designed to help sales and marketing teams identify potential customers.
The strong debut followed that of Warner Music Group, the world’s third-largest recording label. Shares of Warner Music Group closed up 20.5% from their IPO price on the first day of trading on Wednesday.
Chinese online grocery company Dada Nexus, financial technology firm Shift4 Payments and a trio of biotechnology companies are also slated to price IPOs later on Thursday.
Reporting by C Nivedita and Joshua Franklin in New York; Editing by Shinjini Ganguli and Steve Orlofsky