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Fenwick Represents the Underwriters in Cloudflare’s $525 Million IPO

September 26, 2019

Fenwick & West represented the underwriters in the initial public offering for Cloudflare, Inc. (NYSE: NET), which runs one of the world’s largest networks, with nearly 10 percent of the Fortune 1,000 companies and approximately 18 percent of the top 10,000 websites using at least one Cloudflare product. Cloudflare’s IPO raised $525 million, selling 35 million Class A common shares for $15 per share.

Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC acted as joint lead book-running managers for the offering. Jefferies LLC, Wells Fargo Securities, LLC and RBC Capital Markets, LLC also acted as joint book-running managers. JMP Securities LLC, Evercore Group L.L.C., Needham & Company, LLC, Oppenheimer & Co. Inc., BTIG, LLC and SunTrust Robinson Humphrey, Inc. acted as co-managers for the offering.

The Fenwick transaction team included corporate partners James Evans, Gordon Davidson and Ran Ben-Tzur and associates Michael Shaw, Ari Haber and Alex Knight; securities litigation partner Susan Muck and associate Katherine Marshall; executive compensation and employee benefits associate Laura McIntyre; intellectual property partner Brian Hoffman and associates Terry Gao, Emily Bullis and Vanessa Katz; privacy and cybersecurity director Lael Bellamy; and tax partner William Skinner and associate Marianne Tassone.