Zoom Video Communications, which provides a cloud-based video and web conferencing platform, raised the proposed deal size for its upcoming IPO on Tuesday.
The San Jose, CA-based company now plans to raise up to $730 million by offering 20.9 million shares at a price range of $33 to $35, up from the previous range of $28 to $32. Insiders now plan to sell 53% of the deal, up from 48%. Salesforce still intends to invest $100 million in a concurrent private placement. At the high end of the revised range, Zoom Video will raise 17% more in proceeds than previously anticipated and command a market cap of $10.2 billion.
Zoom Video was founded in 2011 and booked $331 million in sales for the 12 months ended January 31, 2019. It plans to list on the Nasdaq under the symbol ZM. Morgan Stanley, J.P. Morgan, Goldman Sachs, Credit Suisse, BofA Merrill Lynch, RBC Capital Markets and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of April 15, 2019.
