Davis Polk and Wilson Sonsini called in for GoDaddy IPO
Web hosting company follows in the footsteps of Twitter and Box in instructing Wilson Sonsini
March 19, 2015 at 12:45 PM
2 minute read
Davis Polk & Wardwell and Wilson Sonsini Goodrich & Rosati have landed lead roles on web hosting company GoDaddy's initial public offering (IPO), which is expected to value the company at up to $2.87bn (£1.94bn).
Launched in 1997, GoDaddy now manages around a fifth of the world's internet domains.
The IPO, which is expected to raise up to $481m (£327m), is set to be significantly larger than fellow US technology firm Box, which floated on the New York Stock Exchange earlier this year at a value of $1.7bn (£1.1bn), raising $175m (£117m).
GoDaddy has filed to go public once before. In 2006 it set out plans for a IPO but pulled the plug on the scheme, citing unfavourable market conditions at the time.
Wilson Sonsini is acting as lead counsel for the web hosting company. Jeffrey Saper, vice chairman at the firm, and corporate finance partner Allison Spinner are both listed on documents filed by GoDaddy at the Securities and Exchange Commission today.
The filing adds that "certain members of, and investment partnerships comprised of members of, and persons associated with" Wilson Sonsini own a stake of less than 1% in GoDaddy, and that this may be exchanged for stock.
The underwriters, which include Morgan Stanley, JPMorgan and Citigroup, are being represented by Davis Polk corporate partners Alan Denenberg and Sarah Solum.
The pairing of Wilson Sonsini and Davis Polk also featured when Twitter launched its first ever debt issue last year. The microblogging site turned to Wilson Sonsini, while Davis Polk again scored a role for the underwriters.
Wilson Sonsini also advised cloud storage company Box on its IPO earlier this year.
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