Fenwick & West represented Gridsum Holdings, Inc. (NASDAQ: GSUM), a leading provider of sophisticated data analysis software for multinational and domestic enterprises and government agencies in China, in Gridsum’s initial public offering on The Nasdaq Stock Market. In the $100 million IPO, Gridsum sold 7,705,000 Class B ordinary shares in the form of American depositary shares, or ADSs, at an initial public offering price of $13.00 per share, including the underwriters’ exercise of their overallotment option.
Gridsum’s core technology, with its machine learning capability, performs multi-dimensional correlation analysis and analyzes complex real-time events. Gridsum’s customers use its data visualization and data-mining technologies to identify complex relationships within their data and gain new insights that help them make better business decisions. Gridsum was among the first companies to offer web analytics solutions based on data warehouse technology, and to build solutions entirely on a distributed data warehouse architecture using the open-source Hadoop framework. Gridsum offers solution suites in marketing automation, E-government, new media, information discovery and visualization. In 2015, Gridsum’s customers included Fortune 500 and China 500 enterprises, comprising more than 300 customers across diverse industries, including over 30 Chinese government agencies.
Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc. and Stifel, Nicolaus & Company, Incorporated acted as joint bookrunners for the offering.
Fenwick’s cross-border transaction team included partners Niping Wu, Horace Nash and Gordy Davidson and associates Niki Fang, Alexandra Yin, Melissa Frayer, Daisy Chen and Sawyer Li.
With this IPO, Fenwick continues to strengthen its practice in China. The Fenwick & West Shanghai office, staffed with bilingual attorneys with international backgrounds and dual bar qualifications, provides Chinese technology and life sciences companies with a direct line to Silicon Valley and Fenwick’s extensive experience in U.S. capital markets.