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Zoom Soars To $16B Value In Stock Market Debut

by adage.com posted 10months ago 23 views
Zoom Video Communications Inc. soared in its trading debut to more than 16 times its last private valuation and making a billionaire of its founder. Shares of the San-Jose based video-conferencing service opened at $65 each, after Zoom sold 20.9 million shares Wednesday to raise $751 million in its U.S. initial public offering—the fourth-biggest of the year. Zoom, which rose as much as 83 percent above its IPO price, was up 76 percent to $63.20 at 1:38 p.m. in New York, valuing the company at $16.2 billion.

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