Zoom Video prices $1.75 billion secondary offering at 5% discount

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Zoom Video Communications Inc. announced late Tuesday that it has priced its 5.1 million-plus-share secondary offering at $340 a share, roughly a 5% discount on the stock’s trading range Tuesday. It anticipates gross proceeds of $1.75 billion from the offering, which is anticipated to close on or about Friday, Jan. 15. J.P. Morgan is the sole book-running manager for the offering and has been granted a 30-day option to purchase up to an additional 735,000-plus shares. Zoom shares, widely considered a prime beneficiary of the work- and learn-from-home response to the coronavirus pandemic, have surged nearly 390% in the past year.
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