ZoomInfo Technologies of Vancouver, Clark County, priced its initial public offering of stock at $21 per share overnight, indicating strong interest in the business-to-business information company as one of the first tech IPOs to test the market after a pandemic-induced hiatus of many weeks.
When trading in the stock finally opened mid-day Thursday on Nasdaq under the ticker symbol the ticker symbol ZI, shares nearly doubled from the IPO price to more than $40. The shares settled at $34 at the close of trading.
That price gives the company a market capitalization of $13.4 billion, making it the second-most valuable company in the Portland area after Nike, The Oregonian reported.
When the company filed its original IPO details, the IPO offering price was estimated at $16 to $18 per share.
The company said it will receive net proceeds of about $887 million after costs of the offering. The IPO sold 44.5 million shares and its underwriters have an option to market another 6.7 million if demand is strong.