Iris Energy’s $231.5 Million Initial Public Offering

Latham & Watkins represented Iris Energy, while Davis Polk advised the representatives of the several underwriters in the IPO. Clifford Chance advised Australian company Iris Energy Limited.

Iris Energy Limited, a Bitcoin mining company that builds, owns, and operates data center infrastructure with a focus on entry into regions where it can access abundant and/or under-utilized renewable energy to power its operations, has announced the pricing of its initial public offering of 8,269,231 ordinary shares, at a public offering price of US$28.00 per share. The underwriters of the offering will also have a 30-day option to purchase up to an additional 1,240,384 Ordinary Shares from the Company at the initial public offering price. The Ordinary Shares began trading on the Nasdaq Global Select Market on November 17, 2021 under the ticker symbol “IREN.” 

Latham & Watkins represented Iris Energy in the offering with a capital markets team led by New York partners Ian Schuman (Picture) and Stelios Saffos and Orange County partner Drew Capurro, with New York associates Andrew Blumenthal, Lia-Michelle Keane, Autumn Dunn, and Jie Lin Nai. Advice was also provided on benefits & compensation matters by New York partner Bradd Williamson, with Chicago associates Leah Segall and Victoria Wolfe; on data privacy & security matters by Bay Area counsel Robert Blamires, with Bay Area associate Adriana Beach; on environmental matters by New York partner Andrew Westgate, with New York associate Ben Einhouse; on FCPA matters by Washington, D.C. partner Daniel Dominguez, with Washington, D.C. associate Emani Walks; on intellectual property matters by New York/Washington, D.C. partner Jenny Cieplak; on sanctions matters by Washington, D.C. partner Eric Volkman, with Washington, D.C. associate Matthew Gregory; on tax matters by New York partners Gregory Hannibal and Jiyeon Lee-Lim, with New York associate Sam Yang; and on public company representation matters by New York counsel Emily Corbi, with New York associate Shahar Gonen.

The Davis Polk corporate team advising J.P. Morgan, Canaccord Genuity, Citigroup, included partners Byron B. Rooney and Marcel Fausten and associate Meaghan Kennedy. Partner Lucy W. Farr and associate Daniel L. Jose provided tax advice. Partner Pritesh P. Shah and associate Hilary Smith provided intellectual property advice. Counsel Loyti Cheng and associate Cristina Harshman provided environmental advice. Counsel Marcie A. Goldstein provided FINRA advice. 

Partner Reuben van Werkum led the transaction for Clifford Chance, supported by core team members senior associate Ivo Basoski, associate Artem Paoutov and paralegal Kate Procter. Partner Tim Grave, counsel Tennie Tam and senior associate Daniel Forster also advised on various aspects of the transaction.

Involved fees earner: Ivo Basoski – Clifford Chance; Tim Grave – Clifford Chance; Artem Paoutov – Clifford Chance; Tennie Tam – Clifford Chance; Reuben van Werkum – Clifford Chance; Loyti Cheng – Davis Polk & Wardwell; Lucy Farr – Davis Polk & Wardwell; Marcel Fausten – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Cristina Harshman – Davis Polk & Wardwell; Daniel Jose – Davis Polk & Wardwell; Lia-Michelle Keane – Davis Polk & Wardwell; Meaghan Kennedy – Davis Polk & Wardwell; Byron Rooney – Davis Polk & Wardwell; Pritesh P. Shah – Davis Polk & Wardwell; Hilary Smith – Davis Polk & Wardwell; Adriana Beach – Latham & Watkins; Robert Blamires – Latham & Watkins; Andrew Blumenthal – Latham & Watkins; Drew Capurro – Latham & Watkins; Jenny Cieplak – Latham & Watkins; Emily Corbi – Latham & Watkins; Daniel Dominguez – Latham & Watkins; Autumn Dunn – Latham & Watkins; Benjamin Einhouse – Latham & Watkins; Shahar Gonen – Latham & Watkins; Matthew Gregory – Latham & Watkins; Gregory Hannibal – Latham & Watkins; Jiyeon Lee-Lim – Latham & Watkins; Jie Lin Nai – Latham & Watkins; Stelios Saffos – Latham & Watkins; Ian Schuman – Latham & Watkins; Leah Segall – Latham & Watkins; Eric Volkman – Latham & Watkins; Emani Walks – Latham & Watkins; Andrew Westgate – Latham & Watkins; Bradd Williamson – Latham & Watkins; Victoria Wolfe – Latham & Watkins; Sam Yang – Latham & Watkins;

Law Firms: Clifford Chance; Davis Polk & Wardwell; Latham & Watkins;

Clients: Canaccord Genuity; Citigroup Inc.; Iris Energy; J.P. Morgan Securities LLC;

Giulia Di Palma

Author: Giulia Di Palma