Norwegian Zoom rival Pexip seeks Scandinavia’s biggest tech IPO

Norwegian Zoom rival Pexip seeks Scandinavia’s biggest tech IPO

A Norwegian videoconferencing company whose technology is used by the US government, Amnesty International, Spotify and PayPal is seeking to raise $200m in what could be the largest software IPO in Scandinavia.

Pexip has experienced a seven-fold surge in usage in recent weeks as the coronavirus pandemic has forced millions of people to work from home, while concerns over the security of the dominant player in the sector — Zoom — have led companies to seek more secure alternatives.

The Norwegian company will announce on Monday that it is seeking to raise about $100m in fresh capital on the Oslo stock exchange, with existing shareholders selling a similar amount of shares with a targeted post-money valuation of about NKr6bn ($570m).

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