Latham & Watkins advised Darktrace plc on the successful pricing of its initial public offering of shares at 250 pence per share. Based on the offer price, the market capitalisation of Darktrace will be approximately £1.7 billion at the commencement of conditional dealings on the Main Market of the London Stock Exchange.
The global offer comprises 66,036,904 shares (excluding any over-allotment shares), equating to a total size of approximately £165.1 million or approximately 9.6 percent of Darktrace’s issued share capital on admission. This includes 57,376,000 new shares to be issued by the Darktrace, raising gross proceeds of approximately £143.4 million, and 8,660,904 existing shares to be sold by certain existing shareholders raising gross proceeds of approximately £21.7 million.
The Latham team was led by corporate partners James Inness, Robbie McLaren, and Josh Kiernan, with associates Koushik Prasad, Jon Fox, and Phil Houten. Advice on employment and incentives was provided by London partner Sarah Gadd.