Cloud market intelligence company ZoomInfo Technologies set a price range of between $16 and $18 for its shares as it prepares to go public.
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The company plans to offer 44.5 million shares, according to a new filing with the U.S. Securities and Exchange Commission. ZoomInfo would raise between $712 million and $801 million through its IPO with the price range it has set.
The company is known for its large database of business information, and it sells a subscription to access this to recruiters and sales and marketing personnel.
ZoomInfo, which is based in Vancouver, Washington, was formerly known as DiscoverOrg. In February 2019, DiscoverOrg acquired Waltham, Massachusetts’ Zoom Information. Months later, DiscoverOrg announced that it was changing its name to ZoomInfo.
Most recently, the company reported $102.2 million in revenue with net losses of $5.9 million for the first quarter of 2020. Last year, the company had $293.3 million in revenue, with $78 million in losses, according to the company’s S-1.
The company gets 99 percent of its revenue from subscriptions and has more than 15,000 customers, according to the filing.
ZoomInfo moving forward with its public offering is significant.
The IPO market has been sluggish since the COVID-19 pandemic took hold, with very few technology companies taking steps to go from private to public. Many of the public offerings from U.S.-based businesses have been pharmaceutical or healthcare related companies.
Illustration: Li-Anne Dias