Zoom seeks to raise $1.5 billion through new stock offering

By Molly Schuetz and Drew Singer

Zoom Video Communications Inc. is in search of to raise $1.5 billion through a stock offering, capitalizing on surging demand for the video-conferencing platform throughout pandemic.

Zoom stated in an announcement Tuesday it expects to give its underwriter a 30-day possibility to purchase as a lot as an extra $225 million of Class A stock on the public offering value, excluding underwriting reductions and costs. JPMorgan Chase & Co. is the only ebook runner for the sale.

The new shares will begin buying and selling Jan. 13, folks conversant in the matter stated, asking not to be recognized as a result of they aren’t approved to converse publicly. The stock was up 1.6% to $342.99 because the market opened in New York Tuesday.

Zoom has gained 362% previously 12 months, reflecting the demand it has seen as folks work, be taught and socialize on their computer systems. The stock has turn out to be a barometer of the pandemic economic system, rising when Covid-19 lockdowns emerge and falling on excellent news about vaccines. Chief Government Officer Eric Yuan has tried to diversify Zoom’s capabilities for giant enterprises, small- and mid-sized companies and people so the corporate can develop after the coronavirus is managed and extra staff return to their places of work.

In Zoom’s newest earnings report, it instructed that income development in 2021 could also be barely much less explosive than it was final yr. Nonetheless, Zoom stated it expects a rise in gross sales of 330% within the present quarter, which ends in January.

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