Corporate News
Zoom mulls $1.5 billion share sale at 10 times above its IPO price

Video Conferencing major Zoom on January 12 said it plans to raise $1.5 billion in a secondary share sale. The company plans to sell 4.4 million new shares at $337.71 a piece, valuing the stock more than 10 times its debut price of $36 less than two years ago. The company came into the limelight in 2020 when most companies were forced into remote working following the onset of COVID-19. Since becoming a household name last year, the stock has quintupled in value. Moreover, the video chat company boasts of a strong balance sheet with $730.5 million in cash and equivalents as on October 2020, compared to $283.1 million in January. This coupled with the proposed fundraising puts Zoom in a prime position to make significant acquisitions in the years to come.

News Source:- https://www.moneycontrol.com/news/business/zoom-mulls-1-5-billion-share-sale-at-10-times-above-its-ipo-price-6338321.html