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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

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.

Starbucks drops worker vaccine mandate after SCOTUS ruling

Photo: Jakub Porzycki/NurPhoto via Getty Images

Starbucks announced in a memo to employees Tuesday that it has dropped plans to implement a vaccine mandate for all U.S. workers, AP reported on Wednesday.

Why it matters: The company's decision comes in response to the Supreme Court's ruling last week to block the Biden administration's COVID-19 vaccine-or-test requirement for large employers.

2 hours ago - Health

Omicron hits American hospitals disproportionately hard

Expand chart
Data: Our World in Data; Chart: Will Chase/Axios

America is seeing more COVID hospitalizations than other wealthy countries during the Omicron surge, according to Our World in Data.

Why it matters: Vaccines keep the vast majority of COVID cases out of the hospital, but vaccination rates are also lower in the U.S. than these other countries.