Coursera’s $519 Million IPO

Pillsbury Winthrop Shaw Pittman LLP advised Coursera, while Davis Polk advised the representatives of the several underwriters in the offering.

Coursera, Inc. (“Coursera”) announced the pricing of its initial public offering of an aggregate of 15,730,000 shares of its common stock at a price to the public of $33.00 per share. The offering includes 14,664,776 shares of common stock to be issued and sold by Coursera and 1,065,224 shares of common stock to be sold by the selling stockholders. The shares are expected to begin trading on The New York Stock Exchange under the ticker symbol “COUR” on March 31, 2021. The gross proceeds of the offering to the Company, before deducting underwriting discounts and commissions and other offering expenses, are expected to be $483.9 million, excluding any exercise of the underwriters’ option to purchase additional shares. Coursera will not receive any proceeds from the sale of shares of common stock by the selling stockholders. The offering is expected to close on April 5, 2021, subject to customary closing conditions.

Coursera has granted the underwriters a 30-day option to purchase up to 2,359,500 additional shares of common stock at the initial price to the public, less underwriting discounts and commissions.

Morgan Stanley and Goldman Sachs & Co. LLC are acting as lead book-running managers for the offering. Citigroup and UBS Investment Bank are acting as additional bookrunners, and KeyBanc Capital Markets, Raymond James, Stifel, Truist Securities, William Blair, D.A. Davidson & Co., Needham & Company, Loop Capital Markets, and Telsey Advisory Group are acting as co-managers for the offering.

The Pillsbury team was led by Corporate partner Davina Kaile (Picture) and included senior associate Lexi Calcado and associates Lana Persaud, Nick Griffin, Kendy Chan and Jake Sendar. Partners Cindy Schlaefer and Jeremy Erickson led the team on Executive Compensation & Benefits matters.

Davis Polk advised the representatives of the several underwriters with partner Alan F. Denenberg and associates Tierney O’Rourke and Sherry Tan. Partner Frank J. Azzopardi and associate S. Dream Montgomery provided intellectual property advice. The tax team included counsel Kiara L. Rankin and associate Brady Plastaras. Partner Adam Kaminsky and associate John G. Curran provided executive compensation and benefits advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; John Curran – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; S. Dream Montgomery – Davis Polk & Wardwell; Tierney O’Rourke – Davis Polk & Wardwell; Brady Plastaras – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Sherry Tan – Davis Polk & Wardwell; Alexandra Calcado – Pillsbury Winthrop Shaw Pittman LLP; Kendy Chan – Pillsbury Winthrop Shaw Pittman LLP; Jeremy Erickson – Pillsbury Winthrop Shaw Pittman LLP; Nicholas Griffin – Pillsbury Winthrop Shaw Pittman LLP; Davina Kaile – Pillsbury Winthrop Shaw Pittman LLP; Lana Persaud – Pillsbury Winthrop Shaw Pittman LLP; Cindy Schlaefer – Pillsbury Winthrop Shaw Pittman LLP; Jake Sendar – Pillsbury Winthrop Shaw Pittman LLP;

Law Firms: Davis Polk & Wardwell; Pillsbury Winthrop Shaw Pittman LLP;

Clients: Citigroup Global Markets Ltd; Coursera Inc; D.A. Davidson & Co.; Goldman Sachs & Co.; KeyBanc Capital Markets; Loop Capital Markets; Morgan Stanley; Needham & Company; Raymond James & Associates, Inc.; Stifel, Nicolaus & Company, Incorporated; Telsey Advisory Group LLC; Truist Securities Inc. ; UBS Investment Bank; William Blair & Company, L.L.C.;

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Author: Martina Bellini