ZM - Virtual meeting platform ON24 prices IPO at $50/share trades today
Goldman Sachs backed digital marketing and webinar company ON24 (ONTF) has priced its initial public offering of ~8.86M common shares at $50/share. The offering consists of ~6.32M common shares offered by the company and ~2.25M by certain selling stockholders.Underwriters' over-allotment is an additional 1,284,139 shares. Trading kicks-off today on New York Stock Exchange.Offering is expected to close on February 5.Goldman Sachs has invested $25M in the company in early 2019.According to a market research report by Global Market Insights, the global market for video conferencing is expected to exceed $50B by 2026. According to Grand View Research, the global digital marketing software industry is expected to reach ~$152B in 2027.The company estimates that the current total addressable market, or TAM, for its solutions is ~$42B worldwide annually.Major competitors are: Zoom (ZM), LogMeIn (LOGM), Intrado, Microsoft (MSFT), Cisco (CSCO), Google (GOOG), Cvent, Amazon (AMZN).During nine months ended September 30, 2020, the company powered more than 159,000 interactive, live digital experiences, engaging an average
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Virtual meeting platform ON24 prices IPO at $50/share, trades today