June 15, 2018
Latham & Watkins has advised the underwriters, led by Morgan Stanley and J.P. Morgan as Joint Global Coordinators and Joint Bookrunners, and ABN AMRO, BofA Merrill Lynch, and Citigroup as Joint Bookrunners, on the €947 million initial public offering of Adyen N.V.
The offering, priced at €240 per share, was multiple times oversubscribed at the Offer Price and implied a market capitalization of €7.1 billion. The number of Shares sold in the Offering was only approximately 13.4% of the total number of issued and outstanding shares of Adyen. In 1st day trading, the stock rose to almost double the Offer Price, implying a market capitalization of approximately €14 billion.
The Latham & Watkins team was led by corporate partner Olof Clausson with associates Taylor Mullings and Marc Galeotti. A Latham team led by Clausson previously advised Adyen on its private placement in 2014.