Pinterest, Zoom Video Debuts Set Pace for Unicorns’ IPO Derby
Zoom’s first-day share climb leaves founder wishing for less
Above-target IPOs make for 2019’s biggest day for new listings
Pinterest Inc. and Zoom Video Communications Inc. hit the public markets Thursday in soaring debuts, setting the pace for other so-called unicorns racing toward initial public offerings.
Zoom’s dizzying ascent — its shares rose as much as 83 percent before closing up 72 percent — left founder and Chief Executive Officer Eric Yuan lamenting the high price and the pressure it puts on the company. That concern arose despite Yuan becoming a billionaire three times over as the video-conferencing company soared to a value of $15.9 billion after its $751 million IPO. Just two years ago, Zoom was valued at only $1 billion in a private funding round.