ZoomInfo prices IPO above target in 2020's largest tech listing so far

ZoomInfo Technologies Inc on Wednesday priced its initial public offering (IPO) above its upwardly revised target range in the largest U.S. technology listing so far this year, people familiar with the matter said.

The listing is the latest in a packed week for IPOs, which have rebounded after market turmoil in March and April over the COVID-19 pandemic delayed many listings.

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Earlier on Wednesday, Warner Music Group Corp's stock popped 8% on its Nasdaq debut, after selling $1.9 billion in shares toward the higher end of its target range in the largest U.S. IPO so far this year.

ZoomInfo sold shares in the IPO at $21 each, above its upwardly revised $19-$20 target range, the sources said.

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The IPO was around 20 times oversubscribed, the sources added.

The Carlyle Group-backed business intelligence platform has said it is looking to sell 44.5 million shares, which at $21 would raise $934.5 million to value the company at just over $8 billion.

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ZoomInfo declined to comment.

ZoomInfo said its customers in industries most impacted by the pandemic, including retail, restaurant, hotels, airlines and oil and gas, may reduce their technology or sales and marketing spending, which could adversely impact its business.

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JPMorgan and Morgan Stanley were lead bookrunners for the IPO. ZoomInfo shares are due to begin trading on Nasdaq on Thursday under the trading symbol "ZI."

(Reporting by Joshua Franklin in New York; Editing by Tom Brown and Christopher Cushing)