SAN JOSE — It was a glorious day for Zoom Video in Silicon Valley. Zoom sold 20,869,565 shares of Class A common stock at a price to the public at $36.00 per share on the Nasdaq Stock Market under the symbol ZM.
Shares immediately zoomed on the opening to $65 per share and traded as high as $66 before closing at $62 for a 72% gain.
Zoom Video operates a cloud platform for video conferencing and online chats.
Morgan Stanley, J.P. Morgan, Goldman Sachs & Co. LLC, and Credit Suisse acted as lead book-running managers for the offering. BofA Merrill Lynch, RBC Capital Markets, and Wells Fargo Securities were book-running managers, and JMP Securities, KeyBanc Capital Markets, Piper Jaffray, Stifel, and William Blair were co-managers for the offering.
Since its founding in 2011, Zoom has grown its employee count to 1,702 full-time employees as of January 31, 2019.
Emergence Capital Partners holds the biggest investor stake in Zoom with 30,400,851 shares or 12.5%. This stake was worth $1.88 billion at the end of trading Thursday.
Founder and CEO Eric Yuan had 53,499,219 shares prior to today’s IPO or 22% of the company worth $3.31 billion.