ZoomInfo Raises $935M In Its IPO, Beating Market Expectations

ZoomInfo on Wednesday raised $935 million in its initial public offering.

The business database provider sold 44.5 million shares priced at $21 each, as earlier reported by the Financial Times.

The public offering, which is the largest so far this year among technology companies, puts ZoomInfo's valuations at $19.5 billion.

The Massachusetts-based company's offering followed that of Warner Music Group Corp. (NASDAQ: WMG) earlier in the day.

Warner Music raised $1.925 billion in its IPO, priced at $25 per share. The shares surged 20.5% at $30.12 on the first day of trading at Nasdaq Stock Market.

ZoomInfo beat market expectations in its IPO. Analysts had estimated the business-to-business company could raise $850 million, the Journal reported earlier.

The IPO market had been quiet this year so far as economic activity is disrupted across the globe in the wake of the novel coronavirus (COVID-19) pandemic.