Phreesia’s $151.6 Million Common Stock Offering


Goodwin Procter LLP acted as counsel to Phreesia, while Latham & Watkins LLP represented the underwriters in the offering.

Phreesia, Inc., a leading patient intake management platform, has announced the pricing of its previously announced underwritten public offering of 5 million shares of its common stock at a price to the public of US$32 per share, all of which will be sold by the Company. In addition, the Company has granted the underwriters an option for 30 days to purchase up to 750,000 additional shares of common stock at the public offering price, less underwriting discounts. The Offering is expected to close on October 23, 2020, subject to the satisfaction of customary closing conditions. Phreesia expects to receive net proceeds from the offering of approximately US$151.6 million (or approximately US$174.4 million if the underwriters exercise their option to purchase additional shares in full) after deducting underwriting discounts and estimated offering expenses.

J.P. Morgan Securities LLC, William Blair & Company, L.L.C., Allen & Company LLC, Piper Sandler & Co., Robert W. Baird & Co. Incorporated, Raymond James & Associates, Inc., Cantor Fitzgerald & Co., Guggenheim Securities, LLC, KeyBanc Capital Markets Inc., Needham & Company, LLC, and Siebert Williams Shank & Co., LLC acted as underwriters for the offering.

Phreesia, Inc. is a Software-as-a-Service company that gives healthcare organizations a suite of robust applications to manage the patient intake process.

Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by New York partner Stelios Saffos (Picture), with associates Brittany Ruiz, Brian Yoon, and Egzon Sulejmani. Advice was also provided on tax matters by New York partner Jiyeon Lee-Lim, with associate Ron Moore; on payments matters by Washington, D.C. partner Todd Beauchamp, with associate Loyal Horsley; and on data privacy & cybersecurity matters by Washington, D.C. partner Jennifer Archie, with counsel Marissa Boynton.

Involved fees earner: Jennifer Archie – Latham & Watkins; Todd Beauchamp – Latham & Watkins; Marissa Boynton – Latham & Watkins; Loyal Horsley – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Ronald Moore – Latham & Watkins; Brittany Ruiz – Latham & Watkins; Stelios Saffos – Latham & Watkins; Brian Suk Jin Yoon – Latham & Watkins;

Law Firms: Latham & Watkins;

Clients: Allen & Company LLC; Cantor Fitzgerald; Guggenheim Securities; J.P. Morgan Securities LLC; KeyBanc Capital Markets; Needham & Company; Piper Sandler; Raymond James & Associates, Inc.; Robert W. Baird & Co.; Siebert Williams Shank & Co. LLC; William Blair & Company, L.L.C.;

Author: Ambrogio Visconti