OSLO (Reuters) – Shares of Norway’s Pexip Holding 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.
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).
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.
(Reporting by Terje Solsvik, editing by Victoria Klesty)
