ZoomInfo seeks to price IPO above target in the biggest technology list of 2020 so far: sources

(Reuters) – ZoomInfo Technologies Inc ZI.O is assessing the price of its initial public offering (IPO) on Wednesday above its upward revised target goal in what must be the largest US technology list to date this year, people familiar with the matter said

ZoomInfo wants to sell IPO shares for $ 21 each, above the upwardly revised $ 19 to $ 20 target range, the sources said, warning that the final price has not yet been set.

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The business intelligence platform, supported by the Carlyle Group, said it plans to sell 44.5 million shares, which for $ 21 would raise $ 934.5 million to value the company at just over $ 8 billion.

ZoomInfo declined to comment.

The listing is the latest in a week full of IPOs, which recovered after market turmoil in March and April due to the COVID-19 pandemic, which delayed many listings.

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Earlier on Wednesday, Warner Music Group's WMG.O shares increased 8% on their Nasdaq debut after selling $ 1.9 billion in shares at the highest limit of their target in the largest initial public offering the US so far this year.

ZoomInfo said that its customers in the sectors most affected by the pandemic, including retail, restaurant, hotels, airlines and oil and gas, may reduce their technology or sales and marketing expenses, which could adversely affect their business.

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JPMorgan and Morgan Stanley were the main bookrunners for the IPO. ZoomInfo's shares are scheduled to start trading on Nasdaq on Thursday under the "ZI" trading symbol.

The news of the IPO price was previously disclosed by CNBC.

Reporting by Joshua Franklin in New York; Editing by Chizu Nomiyama and Tom Brown

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