OSLO (Reuters) – Shares in Norway’s Pexip Holding soared by 54% in early trade on Thursday as the video conferencing company made its stock market debut after an initial public offering (IPO) that was more than 12 times oversubscribed.
The shares rose to 97 Norwegian crowns at 0710 GMT, up from 63 crowns in a sale of new and existing stock that concluded on Tuesday, now valuing the company at about 9.6 billion Norwegian crowns ($942 million).
Pexip, which competes with the likes of Zoom and BlueJeans and says it is used by the U.S. military and the German government, has registered a jump in demand for its services since the start of the novel coronavirus crisis.
Its offer of 38 million new and existing shares had amounted to 2.39 billion crowns, but investor interest in the stock had exceeded 30 billion crowns, Pexip said.
Taking advantage of its own