Confetti falls as John Zimmer, co-founder and president of Lyft Inc., center left, and Logan Green, co-founder and chief executive officer of Lyft Inc., center right, ring the opening bell during the company's initial public offering at Lyft's new service center in Los Angeles on March 29, 2019. Photo: Kyle Grillot/BloombergWilson Sonsini Rides Ride-Hailing Boom, Sharing in Lyft IPO Fees
Lyft's IPO has generated $1.4 million in legal fees and expenses for Wilson Sonsini Goodrich & Rosati and Goodwin Procter.
March 29, 2019 at 04:27 PM
3 minute read
Lyft made its public market debut on the Nasdaq under the ticker symbol “LYFT” on Friday, trading at $87.24 a share—20 percent above its IPO price of $72.
San Francisco-based Lyft, advised by Wilson Sonsini Goodrich & Rosati, said Thursday that it priced 32.5 million shares at $72 apiece, up from its first price range of $62 to $68. At the IPO price, Lyft has raised about $2.3 billion from the listing, valuing the ride-sharing company at about $24 billion.
Lyft is the first of a raft of tech “unicorns”—startups with a valuation over $1 billion—set to make their initial public offerings this year. According to an updated S-1 the company filed with the U.S. Securities and Exchange Commission this week, the deal has generated $1.4 million in legal fees and expenses for its legal advisers.
Lyft is represented by Wilson Sonsini, while its underwriters have turned to Goodwin Procter. Wilson Sonsini has declined to comment on whether the firm owns Lyft stock.
The Wilson Sonsini legal team is led by Katharine Martin, who was tapped nearly a year ago to serve as chairwoman of the firm's board of directors, along with partners Rezwan Pavri, Lisa Stimmell and Andrew Hill.
The Silicon Valley law firm has long been working with Lyft on its much-anticipated public market debut, including closing several rounds of late-stage funding for the company. And Wilson Sonsini, a top adviser for Silicon Valley's startup community, is taking more than just one ride in the booming car-sharing market.
Uber, which was last valued at $76 billion after its latest round of funding in August 2018, announced earlier in the week it will spend $3.1 billion to acquire Middle East rival Careem Networks FZ.
Careem tapped Wilson Sonsini in that deal, while Uber is represented by Morrison & Foerster. Wilson Sonsini corporate partners Mark Holloway, Kathy Ku and Megan Baier acted for Careem, with assistance from others in the firm's technology transactions, employee benefits and compensation, tax, antitrust, and privacy and cybersecurity practices.
Uber, which filed confidential paperwork with the SEC in December, is also on deck for its IPO this year.
|Read more
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
FTC Bans Exec From Chevron Board—Exercising Authority It Doesn't Have, GOP Dissenters Say
5 minute read
Deal Watch: Latham, Ropes, S&C, Cravath and Simpson Advise on Massive Paramount/Skydance Deal
6 minute read
Munger Tolles Advises New Stability AI CEO, Executive Chairman in Funding Deal
Trending Stories
- 1Judge Denies Sean Combs Third Bail Bid, Citing Community Safety
- 2Republican FTC Commissioner: 'The Time for Rulemaking by the Biden-Harris FTC Is Over'
- 3NY Appellate Panel Cites Student's Disciplinary History While Sending Negligence Claim Against School District to Trial
- 4A Meta DIG and Its Nvidia Implications
- 5Deception or Coercion? California Supreme Court Grants Review in Jailhouse Confession Case
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
