Wednesday, 13 January 2021

Zoom Video Communications Inc. is seeking to raise $1.5 billion through a stock offering, capitalizing on surging demand for the video-conferencing platform during pandemic.

Zoom said in a statement Tuesday it expects to give its underwriter a 30-day option to buy as much as an additional $225 million of Class A stock at the public offering price, excluding underwriting discounts and fees. JPMorgan Chase & Co. is the sole book runner for the sale.

The new shares will start trading Jan. 13, people familiar with the matter said, asking not to be identified because they aren’t authorized to speak publicly. The stock was up 1.6% to $342.99 as the market opened in New York Tuesday.