NEW YORK — Investors are giving unicorn technology companies Zoom and Pinterest a rousing reception in their debuts on the stock market.
Zoom Video Communications, which makes video conferencing technology, soared 70% after pricing its initial public offering at $36. Pinterest, which lets users share images of crafts and other projects, jumped 25% after pricing its IPO at $19.
The high-flying market debuts come less than a month after ride-hailing service Lyft began trading. In what might be a cautionary tale for other anticipated tech IPOs, Lyft shared on their first day but have since plunged back below their original offering price of $72.
Other high-profile companies such as Twitter and Snap had strong initial trading days but then saw their stock prices fall substantially in the subsequent months.
The Associated Press
