Video conferencing company Zoom Video Communications took another step toward going public, filing updated paperwork that sets it up for a valuation of as much as $8.25 billion.
In documents filed Monday with the Securities and Exchange Commission, Zoom set a price range of $28 to $32 a share for its initial public offering, which is expected to take place next week. Zoom is expecting enthusiasm for its IPO to be high, as the company’s potential valuation dwarfs the $1 billion it was estimated to be worth at the last time Zoom’s private valuation was calculated.
Officials also said they reached an agreement in which Salesforce will invest $100 million in Zoom at the company’s IPO price.
San Jose-based Zoom specializes in using cloud-based computing to run remote video-conferencing services. The company’s offerings include mobile collaboration, online meetings and chat services, in addition to video conferencing technology.
Zoom’s IPO will continue what appears to be a market that is heating up for local companies to go public. Ride-hailing leader Lyft held its IPO on March 29, going public at $72 a share. On Monday, online image discovery and storage company Pinterest also filed updated IPO documents saying it intends to go public at between $15 and $17 a share, which would give the company a valuation of as much as $11.3 billion. And many eyes remain on Uber and the possibility that it could go public before the end of April.