The software company ZoomInfo Technologies Inc (NASDAQ: ZI) late on Wednesday raised $934.5 million as the first software IPO (Initial Public Offering) of 2020.
Shares in the ZoomInfo Technologies (ZI) IPO will begin trading sometime Thursday morning.
The software company offered 44.5 million shares at 21 and the prices were above its range of 19 to 20 each. The price range surged from previous plans set at 16 to 18, showing the strong demand for shares from institutional investors.
The market valuation of ZoomInfo Technologies Inc (NASDAQ: ZI) IPO is of about $8 billion. Renaissance Capital says it’s the first software IPO of 2020.
Among the notable backers of this IPO, existing shareholders include BlackRock, Fidelity and Dragoneer Investment. Among the private equity, backers include TA Associates, Carlyle Group and 22C Capital.
ZoomInfo Technologies Inc (NASDAQ: ZI) provides a cloud-based market intelligence platform for sales and marketing teams.
The software company says it has 202,000 paying users, and it is serving 15,000 companies with market intelligence and data analytics on 14 million companies. Furthermore, it sees a total addressable market opportunity of $24 billion.
“Our cloud-based platform provides highly accurate and comprehensive information on the organizations and professionals they target,” the company says in the ZoomInfo IPO filing. It added, “This ‘360-degree view’ enables sellers and marketers to shorten sales cycles and increase win rates by delivering the right message, to the right person, at the right time, to hit their number.”