Eargo’s $165.2 Million Initial Public Offering

Davis Polk advised the representatives of the several underwriters in the offering.

Eargo, Inc. executed its initial public offering of 9,029,629 shares of common stock at $18.00 per share (which includes the exercise in full by the underwriters of their option to purchase up to 1,177,777 additional shares), for total gross proceeds of $162.5 million. The common stock is listed on the Nasdaq Global Select Market under the symbol “EAR.”

J.P. Morgan and BofA Securities acted as lead book-running managers and as representatives of the underwriters for the offering. Wells Fargo Securities and William Blair acted as co-managers for the offering.

Based in San Jose, California, Eargo is a medical device company dedicated to improving the quality of life of people with hearing loss. It developed the Eargo solution to create a hearing aid that consumers actually want to use.

The Davis Polk corporate team representing the underwriters included partner Alan F. Denenberg (Picture) and associates Beth LeBow, Daniel Fox and Ganiatu Afolabi. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Jesse L. Hallock. The tax team included counsel Kiara L. Rankin and associate Ben Levenback. Counsel Marcie A. Goldstein provided FINRA advice. Associate Matthew R. Silver provided 1940 Act advice.

Involved fees earner: Ganiatu Afolabi – Davis Polk & Wardwell; Frank Azzopardi – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Daniel Fox – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Jesse Hallock – Davis Polk & Wardwell; Beth LeBow – Davis Polk & Wardwell; Ben Levenback – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Matthew Silver – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; J.P. Morgan Securities LLC;

Author: Ambrogio Visconti