Bandwidth’s $156 Million Follow-On Offering


Davis Polk advised the representatives of the several underwriters in connection with Bandwidth Inc.’s follow-on offering of 2,875,000 shares of Class A common stock, which includes the full exercise of the underwriters’ option to purchase additional shares, at $54.25 per share, for total gross proceeds of approximately $156 million.

The Class A common stock is listed on the NASDAQ Global Select Market under the symbol “BAND.”

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Robert W. Baird & Co. Incorporated, Canaccord Genuity LLC and JMP Securities LLC acted as underwriters in the deal.

Based in Raleigh, North Carolina, Bandwidth is a cloud-based communications platform for enterprises. Its solutions include a broad range of software application programming interfaces for voice and text functionality and an owned and managed, purpose-built Internet protocol voice network, one of the largest in the nation.

The Davis Polk corporate team included partner Richard D. Truesdell Jr. (Picture) and associates Win Rutherfurd, Angela Park and Ferrell Maguire Keel (on leave). The tax team included partner William A. Curran and associate Dao Fu. The intellectual property and technology team included partner Frank J. Azzopardi and associate Jay Frankel.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; William Curran – Davis Polk & Wardwell; Jay Frankel – Davis Polk & Wardwell; Dao Fu – Davis Polk & Wardwell; Ferrell Maguire Keel – Davis Polk & Wardwell; Angela Park – Davis Polk & Wardwell; Win Rutherfurd – Davis Polk & Wardwell; Richard Truesdell Jr. – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Canaccord Genuity; J.P. Morgan Securities LLC; JMP Securities LLC; KeyBanc Capital Markets; Morgan Stanley; Robert W. Baird & Co.;