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|52-week range||0.0100 - 60.0000|
|Beta (5Y monthly)||72.02|
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(Bloomberg) -- Investors could face more name confusion this week when ZoomInfo Technologies Inc. joins Zoom Video Communications Inc. on the Nasdaq Stock Market.ZoomInfo, which provides data on sales prospects, is expected to price its initial public offering on June 3 and begin trading under the ticker symbol ZI the following day. It will join three other publicly traded companies globally whose names begin with Zoom, the most well-known of which is the maker of video-conferencing software that has become a household name during the coronavirus pandemic.The surging popularity of Zoom Video, used daily by millions of people for remote face-to-face interactions, has fueled a three-fold rally in its stock this year. But for a brief time, it caused even bigger spikes in the shares of Zoom Technologies Inc, a Beijing-based company with few operations to speak of. That stock traded under the symbol ZOOM and had been moribund for years before Zoom Video’s IPO in April 2019 helped revive it.”The challenging part is we’re just running out of names that are distinctive,” said A.J. Ericksen, corporate partner at Baker Botts, in an interview. “So you’ll get some that sound alike and it gets even worse when you start with tickers -- which was a big problem with Zoom Technologies. The retail investors start typing in ‘Zoom’ and get that.”ZOOM’s daily volume soared from about 30,000 shares on April 10, 2019, to nearly 1 million shares eight days later, while the stock price rose about five-fold over three trading days. Things were quieter until the coronavirus started to spread rapidly across the U.S. this spring, sparking a surge in Zoom video chats and sending shares of its doppelganger up more than 10-fold.That volatility captured the attention of the Securities and Exchange Commission, which halted trading in Zoom Technologies for two weeks on March 25. The regulator cited concerns about ticker confusion and a lack of public disclosures since 2015. Ultimately Zoom Technologies changed its ticker symbol from ZOOM to ZTNO.“I think it’s just going to be left to ‘buyer beware,’” Ericksen said.Of course, ZoomInfo has little in common with Zoom Technologies aside from its name. The Vancouver, Washington-based company has about 202,000 paying users, $293 million in revenue last year and is backed by Carlyle Group, according to a filing.It’s unclear whether Zoom Corp., a Japanese seller of video and sound recording devices, has also benefited from name confusion. Its stock rallied to a four-month high in April but has since fallen about 14%.Meanwhile, Zoom Video shares continue to chug higher. The stock has gained 27% since Friday, when it was added to the MSCI World Index. On Tuesday, the company nearly doubled its annual revenue forecast after a blowout first quarter in which customers with more than 10 employees jumped 354% compared with the same period a year ago.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- ZoomInfo Technologies Inc., a business-intelligence platform owned by private equity firms, plans to go public as early as June in what could be one of the first technology listings since the start of the coronavirus pandemic, according to people with knowledge of the matter.The Vancouver, Washington-based company may launch a virtual roadshow to market its stock as soon as this month, said the people, who asked not to be identified because the information is private.ZoomInfo on Monday updated its filing for an initial public offering with its latest financial information. Following its February 2019 deal to combine with DiscoverOrg, the company’s revenue almost doubled to $102 million in the first quarter compared with the same period last year, according to the filing. Meanwhile, its net loss for the quarter shrunk to $5.9 million from $40 million in 2019.The company also said in the filing that in April, the annualized value of its contracts grew 87% compared with the same month last year.No decision is final and ZoomInfo’s IPO plans could still change. A representative for ZoomInfo declined to comment.The plans come after Kingsoft Cloud Holdings Ltd., the third-biggest cloud service provider in China by revenue, jumped 40% in its U.S. trading debut after raising $510 million last week. Kingsoft was the first major listing in the U.S. since mid-March, when the Covid-19 outbreak was declared a pandemic and trading volatility skyrocketed.A technology IPO would be a positive sign in an otherwise dreary market for offerings. Companies that were planning to go public this year, such as Airbnb Inc. and Procore Technologies Inc., have instead turned to private funding.ZoomInfo listed the size of its planned offering as $500 million in a filing in February, a placeholder figure that will likely change. Raising $500 million would make ZoomInfo’s IPO the second-biggest in the U.S. since the pandemic began, according to data compiled by Bloomberg.Zoom ConfusionIf the IPO is successful, ZoomInfo will have to make sure traders can tell it apart from several other companies with similar names, including Zoom Video Communications Inc., the video-conferencing system that’s become a work-from-home staple for many during the coronavirus crisis. That company’s shares are up 140% this year, valuing it at about $46 billion just over a year after its own IPO. Mobile hardware manufacturer Zoom Technologies Inc. changed its ticker to ZTNO from ZOOM to avoid confusion, after its stock rallied 890% in the first quarter and the U.S. Securities and Exchange Commission suspended its trading.ZoomInfo plans to use the symbol ZI for its shares, which will list on the Nasdaq Global Select Market.Previously known as Zoom Information Inc., ZoomInfo was last year combined with DiscoverOrg, another business-to-business data platform for sales and recruitment. DiscoverOrg’s backers include TA Associates and Carlyle Group Inc.JPMorgan Chase & Co. and Morgan Stanley are leading the share sale, a filing shows. Proceeds from the offering will be used to redeem preferred shares, repay debt and for general corporate purposes.(Updates with filing in third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.