Carvana Co.’s $225 Million Initial Public Offering

Davis Polk advised the joint book-running managers in connection with the $225 million initial public offering of 15,000,000 shares of Class A common stock of Carvana Co. The Class A common stock is listed on the New York Stock Exchange under the symbol “CVNA.”

Wells Fargo Securities, BofA Merrill Lynch, Citigroup and Deutsche Bank Securities acted as joint book-running managers.

Based in Phoenix, Arizona, Carvana Co. is an eCommerce platform for buying used cars that operates in over 20 markets across the country. Carvana Co. provides a platform where consumers can research and identify a vehicle, inspect it, obtain financing and warranty coverage, purchase the vehicle and schedule delivery or pick-up.

The Davis Polk corporate team included partner Alan F. Denenberg (Picture) and associates Tyler P. Pender, Dylan Service and Josephine Chen. The tax team included partner Rachel D. Kleinberg and associate Yoojin L. Kim. The intellectual property and technology team included counsel Michelle Ontiveros Gross and associate Jason J. Bang. Associate Jennifer Wang provided 1940 Act advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Alan Denenberg – Davis Polk & Wardwell; Tyler Pender – Davis Polk & Wardwell; Dylan Service – Davis Polk & Wardwell; Josephine Chen – Davis Polk & Wardwell; Rachel Kleinberg – Davis Polk & Wardwell; Yoojin Kim – Davis Polk & Wardwell; Michelle Ontiveros Gross – Davis Polk & Wardwell; Jason Bang – Davis Polk & Wardwell; Jennifer Wang – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Merrill Lynch; Citigroup Inc.; Deutsche Bank Securities; Wells Fargo;

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Author: Ambrogio Visconti