Carlyle-backed ZoomInfo’s shares soar 90% in U.S. market debut

(Reuters) – Shares of ZoomInfo Technologies Inc jumped 90% in their U.S. market debut on Thursday, after the business intelligence platform raised about $934.5 million in the largest U.S. technology listing so far this year.

Shares of the company opened at $40, giving ZoomInfo a market valuation of $15.3 billion.

Carlyle-backed ZoomInfo priced its initial public offering of 44.5 million shares at $21 a share earlier in the day, above its revised target range.

The company had earlier this week lifted its price range to $19-$20 apiece from $16-$18.

ZoomInfo’s strong debut follows that of Warner Music Group, the world’s third-largest recording label. Shares of Warner Music Group closed up 20.5% from their IPO price on the first day of trading on Wednesday.

ZoomInfo’s listing is the latest in a packed week for IPOs, which have rebounded after the COVID-19 health crisis rocked capital markets in March and April, slamming the brakes on several listings.

The company said its customers in industries most impacted by the pandemic, including retail, restaurant, hotels, airlines and oil and gas, may reduce their technology or sales and marketing spending, which could adversely impact its business.

Reporting by C Nivedita; Editing by Shinjini Ganguli