Zoom Video Communications Inc.
said Tuesday it has commenced an underwritten offering of $1.5 billion shares of its Class A common stock. J.P. Morgan is sole bookrunner on the deal and has a 30-day option to acquire up to an additional $225 million of the shares. Zoom has been one of the tech companies to have benefited from the coronavirus pandemic, as many people have been forced to work from home and use its service to communicate with co-workers, family and friends. Zoom shares fell 2.6% in premarket trade on the news, but remain up 362% in the last 12 months, while the S&P 500
has gained 16%.