Finance, ICT - Pinterest, Zoom Gain In Debuts
Two tech "unicorns" made their debuts on Wall Street and posted gain, indicating that investors remain eager to get a piece of them.
The online scrapbook company Pinterest surged over 28 percent on its first day of trading as a public company. The company's stock made its initial public offering at US$19, began trading at $23.75, and finished the day at $24.40.
The videoconferencing company Zoom also went public to tremendous investor demand. Last valued by private investors at $1 Billion, the stock skyrocketed 80 percent in early trading before ending the day at 72 percent higher ($62). The company's fully diluted market capitalization now exceeds $18 Billion.
The performances of these IPOs should put a little confidence into big tech debuts. Lyft's IPO last month saw an initial surge followed by shares sinking below their initial price. Lyft rival Uber will make its IPO next month.