Fenwick represented GitLab Inc. (Nasdaq: GTLB), provider of The DevOps Platform, in 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 $800 million. 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. More information can be obtained from the company’s announcement.
Fenwick has represented GitLab for several years, including on its $268 million Series E financing in 2019 and its $100 million Series D financing in 2018.
The Fenwick transaction team included capital markets partners James Evans, 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.