Zoom is raising $1.75 billion through a stock offering, capitalising on enduring demand for the video-conferencing platform during the pandemic.
Zoom is selling about 5.15 million shares at $340 per share, representing a 4.7 per cent discount to its last close, according to a company statement on Tuesday. The offering is expected to close on or about January 15.
The company has given its underwriter a 30-day option to buy as much as an additional 735,294 shares of its Class A stock at the public offering price, excluding underwriting discounts and fees, according to the statement. JPMorgan Chase is the sole bookrunner for the transaction.
The stock closed up 5.7 per cent on Tuesday in New York.
Zoom shares have gained more than 380 per cent in the past 12 months, reflecting the demand the company has seen for its services as people work, learn and socialise on their computers. The stock has become a barometer of the pandemic economy, rising when Covid-19 lockdowns emerge and falling on good news about vaccines.
Chief executive Eric Yuan has tried to diversify Zoom’s capabilities for large enterprises, small and medium-sized businesses and individuals so the company can grow after the coronavirus is controlled and more workers return to their offices.
In Zoom’s latest earnings report, it suggested that revenue growth in 2021 may be slightly less explosive than it was last year. Still, Zoom said it expects an increase in sales of 330 per cent in the current quarter, which ends in January.
The five pillars of Islam
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2. Prayer
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4. Shahada
5. Zakat
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
Results:
5pm: Maiden (PA) Dh80,000 1,400m | Winner: Eghel De Pine, Pat Cosgrave (jockey), Eric Lemartinel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m | Winner: AF Sheaar, Szczepan Mazur, Saeed Al Shamsi
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA) Group 3 Dh500,000 1,600m | Winner: RB Torch, Fabrice Veron, Eric Lemartinel
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (TB) Listed Dh380,000 1,600m | Winner: Forjatt, Chris Hayes, Nicholas Bachalard
7pm: Wathba Stallions Cup for Private Owners Handicap (PA) Dh 70,000 1,400m | Winner: Hawafez, Connor Beasley, Ridha ben Attia
7.30pm: Handicap (PA) Dh 80,000 1,600m | Winner: Qader, Richard Mullen, Jean de Roaulle
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
