Agora, Inc.’s $512.5 Million IPO

Wilson Sonsini Goodrich & Rosati represented Agora, while Simpson Thacher represented the underwriters in the transaction.

On June 30, 2020, Santa Clara and Shanghai-based real-time engagement API provider Agora, Inc. announced the closing of its initial public offering of 20,125,000 American depositary shares (ADSs), each representing four Class A ordinary shares of Agora, at a public offering price of $20.00 per ADS. The number of ADSs sold in the IPO included 2,625,000 ADSs sold upon full exercise of the underwriters’ option to purchase additional ADSs to cover overallotments. The total amount raised in the IPO was approximately $402.5 million. Concurrently with the closing of the IPO, Agora raised an additional $110.0 million in a private placement of Class A ordinary shares, resulting in a total raise in the IPO and concurrent private placement of approximately $512.5 million. The ADSs began trading on the Nasdaq Global Select Market on June 26 under the ticker symbol “API.”

Morgan Stanley and BofA Securities acted as the lead bookrunning managers for the offering. Needham & Companyacted as co-manager for the offering.

The Wilson Sonsini representing Agora team included Mike Nordtvedt (Picture), Steve Bernard, Victor Nilsson and Nate Hickner.

Simpson Thacher represented the underwriters with a team including Chris Lin, Yi Gao and Cherrie Zhang (Capital Markets); Jonathan Cantor (Tax); and Jennie Getsin (FINRA and Blue Sky).

Involved fees earner: Jonathan Cantor – Simpson Thacher & Bartlett; Yi Gao – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Chris Lin – Simpson Thacher & Bartlett; Cherrie Zhang – Simpson Thacher & Bartlett; Steven Bernard – Wilson Sonsini Goodrich & Rosati; Nate Hickner – Wilson Sonsini Goodrich & Rosati; Victor Nilsson – Wilson Sonsini Goodrich & Rosati; Michael Nordtvedt – Wilson Sonsini Goodrich & Rosati;

Law Firms: Simpson Thacher & Bartlett; Wilson Sonsini Goodrich & Rosati;

Clients: Agora Inc. (; Bank of America Securities; Morgan Stanley;

Author: Ambrogio Visconti