Fenwick represented GitLab Inc. on the deal, while Latham & Watkins represented the underwriters.
GitLab Inc. (Nasdaq: GTLB), provider of The DevOps Platform, announced its initial public offering of 10,400,000 shares of its Class A common stock to the public. The gross proceeds to Gitlab and the selling stockholder from the offering were $800M. The shares began trading today on the Nasdaq Global Select Market.
The offering consisted of 8,420,000 shares of common stock offered by GitLab and 1,980,000 shares offered by an existing shareholder, at a public offering price of $77.00 per share. The offering is expected to close on October 18, 2021.
In addition, GitLab and the selling stockholder have granted the underwriters a 30-day option to purchase up to an additional 1,040,000 shares of Class A common stock at the initial public offering price, less underwriting discounts and commissions.
Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities acted as the lead book-running managers for the offering, with UBS Investment Bank, RBC Capital Markets, Truist Securities and Piper Sandler acting as joint book-running managers. Cowen, KeyBanc Capital Markets and William Blair acted as co-managers.
The Fenwick transaction team included capital markets partners James Evans (Picture), Ran Ben-Tzur and Aman Singh, corporate partners Cynthia Hess and Steve Levine and associates Ryan Mitteness, Nandy Millette, Arielle Trapp and Robina Gallagher; executive compensation and employee benefits partner Marshall Mort, and associates Corinne Nhaissi and Christophe Delrieu; and tax partner Will Skinner.
Latham & Watkins LLP represented the underwriters in the offering with a capital markets team led by partners Marc Jaffe, Ian Schuman, Greg Rodgers, and Benjamin Cohen and associates Brittany Ruiz, Christian Vazquez, and Nick Gonzalez. Advice was also provided on tax and benefits & compensation matters by partners Sam Weiner and Robin Struve, with associates Ryan Brenner and Jina Davidovich; and on data privacy & security matters by partners Jennifer Archie and Fiona Maclean, with associates Jimmy Smith, Jane Bentham, and Victoria Wan.
Involved fees earner: Ran Ben-Tzur – Fenwick & West LLP; Cynthia Clarfield Hess – Fenwick & West LLP; Christophe Delrieu – Fenwick & West LLP; James Evans – Fenwick & West LLP; Robina Gallagher – Fenwick & West LLP; Steven Levine – Fenwick & West LLP; Nandy Millette – Fenwick & West LLP; Ryan Mitteness – Fenwick & West LLP; Marshall Mort – Fenwick & West LLP; Corinne Nhaissi – Fenwick & West LLP; Aman Singh – Fenwick & West LLP; William Skinner – Fenwick & West LLP; Arielle Trapp – Fenwick & West LLP; Jennifer Archie – Latham & Watkins; Jane Bentham – Latham & Watkins; Ryan Brenner – Latham & Watkins; Benjamin Cohen – Latham & Watkins; Jina Davidovich – Latham & Watkins; Nicolas Gonzalez – Latham & Watkins; Marc Jaffe – Latham & Watkins; Fiona Maclean – Latham & Watkins; Gregory Rodgers – Latham & Watkins; Brittany Ruiz – Latham & Watkins; Ian Schuman – Latham & Watkins; James Smith – Latham & Watkins; Robin Struve – Latham & Watkins; Christian Vazquez – Latham & Watkins; Victoria Wan – Latham & Watkins; Samuel Weiner – Latham & Watkins;
Clients: Bank of America Securities; Cowen Inc.; GitLab Inc.; Goldman Sachs & Co.; J.P. Morgan Securities LLC; KeyBanc Capital Markets; Piper Sandler; RBC Capital Markets; Truist Securities Inc. ; UBS Investment Bank; William Blair & Company ;