Paymentus’ IPO and Concurrent Private Placement

Wilson Sonsini Goodrich & Rosati advised Paymentus on the deal, while Davis Polk advised the representatives of the several underwriters.

Paymentus, a leading provider of cloud-based bill payment technology and solutions, announced the closing of its initial public offering of 11,500,000 shares of Class A common stock, at a price to the public of $21.00 per share, which includes the full exercise of the underwriters’ option to purchase 1,500,000 additional shares of Class A common stock. The shares began trading on the New York Stock Exchange on May 26, 2021, under the ticker symbol “PAY.” Concurrently with the IPO, Paymentus raised an additional $50.0 million in a private placement of Class A common stock, resulting in total gross proceeds from the IPO and concurrent private placement of approximately $291.5 million.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and Citigroup Global Markets Inc. are the representatives of the underwriters.

The Wilson Sonsini team advising Paymentus on the transaction included Mike Nordtvedt (Picture), Tony Jeffries, Victor Nilsson, Laura Duncan, and Dylan Peterson.

Davis Polk’s team with partners Byron B. Rooney and Emily Roberts and associates Tierney O’Rourke and Lawrence Traylor Jr. Partner Frank J. Azzopardi and associate Mikaela Dealissia provided intellectual property advice. The tax team included counsel Kiara L. Rankin. Partner Adam Kaminsky provided executive compensation and benefits advice. The financial institutions team included partner Jai R. Massari. Counsel Marcie A. Goldstein provided FINRA advice. Associate Allison Gunther provided 1940 Act advice.

Involved fees earner: Frank Azzopardi – Davis Polk & Wardwell; Mikaela Dealissia – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Allison Gunther – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Jai Massari – Davis Polk & Wardwell; Tierney O’Rourke – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; Lawrence Edward Traylor Jr. – Davis Polk & Wardwell; Laura Duncan – Wilson Sonsini Goodrich & Rosati; Tony Jeffries – Wilson Sonsini Goodrich & Rosati; Victor Nilsson – Wilson Sonsini Goodrich & Rosati; Michael Nordtvedt – Wilson Sonsini Goodrich & Rosati; Dylan Peterson – Wilson Sonsini Goodrich & Rosati;

Law Firms: Davis Polk & Wardwell; Wilson Sonsini Goodrich & Rosati;

Clients: Bank of America Securities; Citigroup Global Markets Ltd; Goldman Sachs & Co.; J.P. Morgan Securities LLC; Paymentus;

Author: Martina Bellini