Fenwick represented Remitly Global, Inc. (Nasdaq: RELY), a mobile-first provider of remittances and financial services for immigrants, in its initial public offering of 12,162,777 shares of its common stock to the public. The gross proceeds from the offering were $301 million. The shares began trading today on the Nasdaq Global Select Market.
The offering consisted of 7,000,000 shares of common stock offered by Remitly and 5,162,777 shares of common stock offered by certain of Remitly’s existing stockholders, at a public offering price of $43.00 per share. The offering is expected to close on September 27, 2021, subject to the satisfaction of customary closing conditions.
In addition, the underwriters have been granted a 30-day option to purchase up to an additional 1,824,417 shares of common stock, consisting of 1,269,627 shares from Remitly and 554,790 shares from certain of Remitly’s existing stockholders, at the initial public offering price, less underwriting discounts and commissions.
Goldman Sachs & Co. LLC and J.P. Morgan acted as the lead book-running managers for the offering, with Barclays, Citigroup and William Blair acting as joint book-running managers. JMP Securities, KeyBanc Capital Markets, Wolfe I Nomura Strategic Alliance, Cabrera Capital Markets LLC and Blaylock Van, LLC acted as co-managers. More information can be obtained from the company’s announcement.
The Fenwick transaction team included corporate partners Jamie Evans, Bill Bromfield, Katherine Duncan, Aman Singh and Thomas Kang and associates Angela Park, Rich Minice, Leeza Soulina, Riddhi Adhikari and Annie Omata; privacy and cybersecurity counsel Helen Christakos; executive compensation and employee benefits partner Shawn Lampron and counsel Laura McIntyre; and technology transactions counsel Ryan Straus and associate Kevin Kirby.