Remitly’s $522.9 Million IPO

Fenwick & West advised Remitly on the deal. Davis Polk advised several underwriters on the deal.

Remitly Global, Inc. (Nasdaq: RELY), a mobile-first provider of remittances and financial services for immigrants, announced its initial public offering of 12,162,777 shares of its common stock to the public.

The offering consisted of 7,000,000 shares of common stock offered by Remitly and 5,162,777 shares of common stock offered by certain of Remitly’s existing stockholders, at a public offering price of $43.00 per share. The offering is expected to close on September 27, 2021, subject to the satisfaction of customary closing conditions.

In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,824,417 shares of common stock, consisting of 1,269,627 shares from Remitly and 554,790 shares from certain of Remitly’s existing stockholders, at the initial public offering price, less underwriting discounts and commissions.

Goldman Sachs & Co. LLC and J.P. Morgan acted as the lead book-running managers for the offering, with Barclays, Citigroup and William Blair acting as joint book-running managers. JMP Securities, KeyBanc Capital Markets, Wolfe I Nomura Strategic Alliance, Cabrera Capital Markets LLC and Blaylock Van, LLC acted as co-managers.

The Fenwick transaction team included corporate partners Jamie Evans (Picture), Bill Bromfield, Katherine Duncan, Aman Singh and Thomas Kang and associates Angela Park, Rich Minice, Leeza Soulina, Riddhi Adhikari and Annie Omata; privacy and cybersecurity counsel Helen Christakos; executive compensation and employee benefits partner Shawn Lampron and counsel Laura McIntyre; and technology transactions counsel Ryan Straus and associate Kevin Kirby.

The Davis Polk corporate team included partners Byron B. Rooney and Shane Tintle and associate Joanna Sedlak. Partner Margaret E. Tahyar and associate Russell Quarles provided regulatory advice. The tax team included partner Mario J. Verdolini and associate Eitan Ulmer. Associates Christopher C. Woller and Marisa Elena Bannon provided intellectual property advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Marisa Elena Bannon – Davis Polk & WardwellMarcie Goldstein – Davis Polk & WardwellRussell Quarles – Davis Polk & WardwellByron Rooney – Davis Polk & WardwellJoanna Sedlak – Davis Polk & WardwellMargaret Tahyar – Davis Polk & WardwellShane Tintle – Davis Polk & WardwellEitan Ulmer – Davis Polk & WardwellMario Verdolini – Davis Polk & WardwellChristopher Woller – Davis Polk & WardwellRiddhi Adhikari – Fenwick & West LLPWilliam Bromfield – Fenwick & West LLPHelen Christakos – Fenwick & West LLPJames Evans – Fenwick & West LLPThomas Kang – Fenwick & West LLPKevin Kirby – Fenwick & West LLPShawn Lampron – Fenwick & West LLPLaura McIntyre – Fenwick & West LLPRich Minice – Fenwick & West LLPAnnie Omata – Fenwick & West LLPAngela Park – Fenwick & West LLPAman Singh – Fenwick & West LLPLeeza Soulina – Fenwick & West LLPRyan Straus – Fenwick & West LLP;

Law Firms: Davis Polk & WardwellFenwick & West LLP;

Clients: Barclays Capital Blaylock Van, LLCCabrera Capital MarketsCitigroup Global Markets LtdGoldman Sachs & Co.J.P. Morgan Securities LLCJMP Securities LLCKeyBanc Capital MarketsNomura Securities International Inc.Remitly, Inc.William Blair & Company ;

Author: Martina Bellini