Video conference firm Pexip surges 44% in IPO debut (updated)

Pexip Holding ASA

14/05/2020 08:12

(Adds background, detail)
    OSLO, May 14 (Reuters) - Shares of Norway's Pexip Holding
 PEXIP.OL  rose 44% in early trade on Thursday as the video
conferencing firm made its stock market debut following an
initial public offering (IPO) that was more than 12 times
oversubscribed.  urn:newsml:reuters.com:*:nL8N2CM1BB urn:newsml:reuters.com:*:nFWN2CN17O
    The shares traded at 91 Norwegian crowns at 0701 GMT, up
from 63 crowns in a sale of new and existing stock that
concluded on Tuesday, now valuing the company at around 9.0
billion Norwegian crowns ($884 million).  urn:newsml:reuters.com:*:nFWN2CU16D
    Pexip, which rivals video conferencing software such as Zoom
and BlueJeans and says it is used by the U.S. military and the
German government, has seen a jump in demand for its services
due to the novel coronavirus crisis. 
    And while the offer of 38 million new and existing shares
had amounted to 2.39 billion crowns, investor interest in the
stock had exceeded 30 billion crowns, Pexip said.
    Taking advantage of its own technology, the company
conducted an all-virtual roadshow as it sought to become the
first European company to complete an IPO remotely.  L8N2CM1E5 

($1 = 10.1866 Norwegian crowns)

 (Reporting by Terje Solsvik, editing by Victoria Klesty)
 ((terje.solsvik@thomsonreuters.com; +47 918 666 70))