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Zoom, which lifted the pricing range for its upcoming IPO on Tuesday, is set to price the offering at the top end of that range or even above it, according to people familiar with the matter.
The provider of videoconferencing technology has said it will sell shares for between $33 and $35 a piece, giving it a market capitalization of up to $9 billion. That was an increase from a prior range of $28 to $32 and would make it one of the most richly valued software companies, based on its price relative to revenue.
Demand is so high for the profitable company that when the price is finalized after the market close on Wednesday, investors are expected to pay $35 or even more, said the sources, who asked not to be named because the negotiations are confidential.
Zoom, whose revenue surged 118% last year to $330.5 million, is set to price right around the same time as social media company Pinterest and will be the second notable software IPO of the year, after PagerDuty's share sale last week.
Zoom didn't immediately respond to a request for comment.