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Illustration: Aïda Amer/Axios

ZoomInfo, a Vancouver, Wash.-based SaaS platform for sales, marketing, and recruiting data, raised $935 million in its IPO. The company priced 44.5 million shares at $21, above its original $16-$18 price range, for an initial market cap of around $8 billion.

Why it matters: It's the year's largest tech IPO, and is likely to get some trading boost from confusion with videoconferencing company Zoom Communications.

  • Details: ZoomInfo reported $400,000 of net income on $102 million in revenue for Q1, and will trade on the Nasdaq (ZI). JPMorgan and Morgan Stanley were the lead IPO underwriters, while company shareholders include TA Associates and the Carlyle Group.
  • Bonus: Why does every startup sound fast now?

Between the lines: ZoomInfo had to navigate unusual conditions, conducting its roadshow virtually and amid nationwide protests. "It's not the backdrop I think anybody had hoped for," CEO Henry Schuck told Axios. "The things happening in our country are a lot more important than a tech company IPOing."

Investors, though, urged the company to go forward with its IPO given it was both growing and generating cash.

What they're saying: Schuck said the company, which uses machine learning to help provide businesses with sales and marketing leads, has also helped a number of small businesses pivot amid a drastically changed economy.

  • One example is a tent company that saw its traditional business evaporate, but pitched itself as a solution for COVID-testing centers and mobile hospitals. ZoomInfo helped connect them to industries they knew nothing about and led to their best sales month ever.
  • ZoomInfo itself saw its best first month of a quarter ever in April, Schuck said.

The bottom line: "The company says it has 202,000 paying users, serving 15,000 companies, with market intelligence and data analytics on 14 million companies." — Brian Deagon, IBD

Go deeper

Dion Rabouin, author of Markets
Sep 1, 2020 - Economy & Business

Apple, Tesla and Zoom power Nasdaq to new record high

Expand chart
Data: FactSet; Chart: Axios Visuals

Tech stocks had a big day on Monday led by gains in three companies, even as U.S. equities broadly ended the day lower.

What happened: Tesla rose 12.5% during the session as traders were again inexplicably lured by its lower share price due to a five-to-one stock split. Apple added 3.5% and Zoom gained 8.6% during the day with its stock jumping by nearly 10% in after-hours trading after posting better-than-expected Q2 earnings.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 5 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.