April 30, 2021
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 matters was provided by London partner Sarah Gadd.