The company initially planned to collect $1.5 billion to $1.75 billion from investors, but ended up raising more on strong demand for its shares, Chief Financial Officer Kelly Steckelberg said.
“I wanted to preserve optimal flexibility for our balance sheet,” Ms. Steckelberg said, adding that Zoom didn’t earmark funds for specific investments, which is why it offered equity instead of selling debt.
The fundraising, which was the company’s first since its initial public offering in 2019, roughly doubled the amount of cash Zoom is holding, Ms. Steckelberg said.
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