Cloudflare’s $525 Million Initial Public Offering

Wilson Sonsini Goodrich & Rosati represented Cloudflare in the offering. Fenwick & West represented the underwriters in the offering.

Cloudflare’s IPO raised $525 million, selling 35 million Class A common shares for $15 per share. Cloudflare offered 35,000,000 shares of its Class A common stock, plus up to an additional 5,250,000 shares that the underwriters have the option to purchase at the initial public offering price less underwriting discounts.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC acted as joint lead book-running managers for the offering. Jefferies LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC also acted as joint book-running managers. JMP Securities LLC, Evercore Group L.L.C., Needham & Company, LLC, Oppenheimer & Co. Inc., BTIG, LLC and SunTrust Robinson Humphrey, Inc. acted as co-managers for the offering.

Cloudflare, Inc. (NYSE: NET) runs one of the world’s largest networks, with nearly 10 percent of the Fortune 1,000 companies and approximately 18 percent of the top 10,000 websites using at least one Cloudflare product.

WSGR represented Cloudflare in the offering with a team led by partners Allison Spinner (Picture), Steve Bochner, Bryan King, and David Thomas and associates Andy Gillman, Cody Gaynor, Jeremy Muhlfelder, Jackie Tokuda, and Jamison Klang.

Fenwick represented the underwriters with a team including corporate partners James Evans, Gordon Davidson and Ran Ben-Tzur and associates Michael Shaw, Ari Haber and Alex Knight; securities litigation partner Susan Muck and associate Katherine Marshall; executive compensation and employee benefits associate Laura McIntyre; intellectual property partner Brian Hoffman and associates Terry Gao, Emily Bullis and Vanessa Katz; privacy and cybersecurity director Lael Bellamy; and tax partner William Skinner and associate Marianne Tassone.

Involved fees earner: Lael Bellamy – Fenwick & West LLP; Ran Ben-Tzur – Fenwick & West LLP; Emily Bullis – Fenwick & West LLP; Gordon Davidson – Fenwick & West LLP; James Evans – Fenwick & West LLP; Terry Gao – Fenwick & West LLP; Ari Haber – Fenwick & West LLP; Brian Hoffman – Fenwick & West LLP; Vanessa Katz – Fenwick & West LLP; Alex Knight – Fenwick & West LLP; Katherine Marshall – Fenwick & West LLP; Laura McIntyre – Fenwick & West LLP; Susan Muck – Fenwick & West LLP; Michael Shaw – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Marianne Tassone – Fenwick & West LLP; Steven Bochner – Wilson Sonsini Goodrich & Rosati; Cody Gaynor – Wilson Sonsini Goodrich & Rosati; Andrew Gillman – Wilson Sonsini Goodrich & Rosati; Bryan King – Wilson Sonsini Goodrich & Rosati; Jamison Klang – Wilson Sonsini Goodrich & Rosati; Jeremy Muhlfelder – Wilson Sonsini Goodrich & Rosati; Allison Spinner – Wilson Sonsini Goodrich & Rosati; David Thomas – Wilson Sonsini Goodrich & Rosati; Jaqueline Tokuda – Wilson Sonsini Goodrich & Rosati;

Law Firms: Fenwick & West LLP; Wilson Sonsini Goodrich & Rosati;

Clients: BTIG, LLC; Cloudflare, Inc.; Evercore Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Jefferies; JMP Securities LLC; Morgan Stanley; Needham & Company; Oppenheimer & Co; RBC Capital Markets; SunTrust Robinson Humphrey, Inc.; Wells Fargo Securities;

Author: Ambrogio Visconti