Zoom’s IPO pits greed against America’s suspicions of tech in China. rob_cyran
Zoom Video Communications on April 8 filed a revised draft prospectus for its upcoming initial public offering, giving a price range of $28 to $32 per share. The online video-conferencing firm plans to sell 11 million new Class A shares, and existing investors hope to sell 10 million. In addition, Salesforce.com has agreed to buy $100 million of shares in a private placement at the same price as the IPO.
At the top of the indicated range, Zoom would have a diluted market capitalization of about $9.5 billion, assuming the underwriters’ overallotment is exercised. Zoom had $331 million of revenue in the year to January 2019, an increase of 118 percent from the prior year. The company reported $7.6 million of income in the most recent year, reversing a loss of $3.8 million the previous year.
Zoom had 1,702 full-time employees at the end of January. Over 500 of these employees were in China, where the company has research and development centers.
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