ZoomInfo Technologies Inc., a software-as-a-service company set to list on the Nasdaq stock exchange Thursday, is reportedly looking to raise the pricing of its initial public offering at the last minute to seize upon strong investor demand. 

Vancouver, Washington-based ZoomInfo provides a market intelligence platform that sales and marketing teams at business-to-business companies use to find new customers. It originally filed to go public in February with a goal of raising up to $500 million. The pricing increase the company is said to be considering, which was reported by CNBC and Reuters today, could boost the value of the IPO to as much as $934.5 million.

ZoomInfo most recently raised its target pricing on Tuesday morning, to $19 to $20 per share. Sources told Reuters that the company is now looking to sell 44.5 million shares at $21 each. If ZoomInfo meets its goal of raising $934.5 million through the offering, the company will head to the Nasdaq tomorrow with a valuation of more than $8 billion.

The news highlights that the pandemic-crippled economy hasn’t dampened investor enthusiasm for some IPOs.

ZoomInfo revealed in its regulatory filing for the IPO that its market intelligence platform has more than 190,000 paid users across 14,000 or so companies. The platform enables sales and marketing professionals to find specific decision-makers inside an organization that may be interested in buying their company’s solutions, as well as view related information. ZoomInfo displays details such as what technologies an organization uses and how key departments are organized.

The company said in the IPO paperwork that it sources data from millions of sources using a machine learning engine. This engine not only collects information but also standardized it and removes inaccurate records, which allows ZoomInfo to provide a 95% data accuracy guarantee. The filing cites this accuracy as one of the company’s primary competitive advantages. 

ZoomInfo recorded a loss of $5.9 million on $102.2 million in revenue during the first quarter of 2020. That represents a big improvement from the same period last year, when it logged $54.6 million in revenue and a $40.2 million loss. In 2019, the company more than doubled sales on a year-over-year basis from $144 million to $293 million.

ZoomInfo’s revenue momentum is no doubt a big part of the reason behind the strong interest in its IPO. With the $934.5 million reported funding goal, the public offering is shaping up to the biggest for the tech industry so far this year. 

ZoomInfo will list on the Nasdaq under the ticker symbol “ZI.”

Photo: ZoomInfo