UserTesting’s $140 Million Initial Public Offering

Latham & Watkins represented the underwriters in the offering while Fenwick & West advised UserTesting, Inc.

UserTesting, Inc., a leading provider of human insight, delivered through a video-first, experience testing platform, has announced the pricing of its initial public offering of 10,000,000 shares of common stock at a public offering price of US$14 per share. All of the shares are offered and sold by UserTesting. In addition, UserTesting has granted the underwriters a 30-day option to buy an additional 1,500,000 shares of common stock at the initial public offering price, less underwriting discounts, and commissions. The shares began trading on the New York Stock Exchange under the ticker symbol “USER” on November 17, 2021.

The underwriters included Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Piper Sandler & Co., Truist Securities, Inc., William Blair & Company, L.L.C., Canaccord Genuity LLC, Needham & Company, LLC, Oppenheimer & Co. Inc., Raymond James & Associates, Inc., Robert W. Baird & Co. Incorporated, Loop Capital Markets LLC, and Academy Securities, Inc.

Latham & Watkins represented the underwriters in the offering with a capital markets team led by Bay Area partner Rick Kline (Picture) and New York partner Adam Gelardi, with Bay Area associates Zuzanna Gruca and Erica Chae. Advice was also provided on data & technology transactions and intellectual property matters by Bay Area partner Michelle Gross, with Bay Area associate Amy Dippolito; on tax matters by Bay Area partner Grace Lee, with Bay Area associate Jake Meninga; on benefits & compensation matters by Bay Area partner Jay Metz; on OFAC matters by Washington, D.C. partner Les Carnegie, with Washington, D.C. associate Allison Hugi; on FCPA matters by Washington, D.C. partner Daniel Dominguez; and on FINRA matters by New York corporate attorney Marta Talarek.

The Fenwick transaction team included corporate partners Einat Meisel and Ran Ben-Tzur, partner-elect Jennifer Hitchcock and associates Michael Shaw, Tyler Stahl, Duey Ho, and Bryan Willard; executive compensation and employee benefits partner Shawn Lampron and associates Corinne Nhaissi and Jonathan Stephenson; technology transactions partner Stephen Gillespie; and tax partner Will Skinner.

Involved fees earner: Ran Ben-Tzur – Fenwick & West LLP; Stephen Gillespie – Fenwick & West LLP; Jennifer Hitchcock – Fenwick & West LLP; Duey Ho – Fenwick & West LLP; Shawn Lampron – Fenwick & West LLP; Einat Meisel – Fenwick & West LLP; Corinne Nhaissi – Fenwick & West LLP; Michael Shaw – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Tyler Stahl – Fenwick & West LLP; Jonathan Stephenson – Fenwick & West LLP; Les Carnegie – Latham & Watkins; Erica Chae – Latham & Watkins; Amy Elizabeth Dippolito – Latham & Watkins; Daniel Dominguez – Latham & Watkins; Adam Gelardi – Latham & Watkins; Zuzanna Gruca – Latham & Watkins; Allison Hugi – Latham & Watkins; Richard Andrew Kline – Latham & Watkins; Grace Lee – Latham & Watkins; Jake Meninga – Latham & Watkins; James Metz – Latham & Watkins; Michelle Gross – Latham & Watkins; Marta Talarek – Latham & Watkins;

Law Firms: Fenwick & West LLP; Latham & Watkins;

Clients: Academy Securities; Canaccord Genuity; J.P. Morgan Securities LLC; Loop Capital Markets; Morgan Stanley; Needham & Company; Oppenheimer & Co; Piper Sandler; Raymond James & Associates, Inc.; Robert W. Baird & Co.; Truist Securities Inc. ; UserTesting, Inc.; William Blair & Company ;