Surging shares of Zoom Video Communications Inc. since its debut last month have made it more valuable than initial public offering rivals Lyft Inc. and Pinterest Inc.
The conferencing technology company has gained 116 percent since it sold shares at a valuation of $9.2 billion on April 17, making it the best performing initial public offering of the year to raise at least $300 million, according to Bloomberg data. Zoom’s $20.4 billion market capitalization now exceeds that of Lyft, at $17.4 billion, and Pinterest, at $16.1 billion.
Zoom has only closed lower once in the 11 days since the IPO. The stock is trading 31 percent above the average analyst target price.
By contrast, Lyft, which sold shares at a $20.6 billion valuation last month, has struggled to rise above its debut price and has seen its shares fall 16 percent. The ride-hailing company may face additional pressures next week when larger competitor Uber Technologies Inc. is expected to price its own offering.
Pinterest debuted on the same day as Zoom and has gained 59 percent.