First day: Evan Sharp, co-founder and chief creative officer of Pinterest Inc (third from left), and Silbermann (centre), ring the opening bell on the floor on the NYSE during the company’s IPO in New York. — Bloomberg
SAN FRANCISCO: Pinterest Inc and Zoom Video Communications Inc. hit the public markets 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% before closing up 72% -- 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 US$15.9bil after its US$751mil IPO. Just two years ago, Zoom was valued at only US$1bil in a private funding round.
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