Wilson Sonsini - ECP

insight detail

Wilson Sonsini Advises Agora in $500 Million IPO and Concurrent Private Placement

  • 07/01/20
  • Client Highlights
  • Software
  • Communications and Networking

On June 30, 2020, Santa Clara and Shanghai-based real-time engagement API provider Agora, Inc. announced the closing of its initial public offering of 20,125,000 American depositary shares (ADSs), each representing four Class A ordinary shares of Agora, at a public offering price of $20.00 per ADS. The number of ADSs sold in the IPO included 2,625,000 ADSs sold upon full exercise of the underwriters’ option to purchase additional ADSs to cover overallotments. The total amount raised in the IPO was approximately $402.5 million.

Concurrently with the closing of the IPO, Agora raised an additional $110.0 million in a private placement of Class A ordinary shares, resulting in a total raise in the IPO and concurrent private placement of approximately $512.5 million. The ADSs began trading on the Nasdaq Global Select Market on June 26 under the ticker symbol "API.”

The Wilson Sonsini team that represented Agora in the transaction included Mike Nordtvedt, Steve Bernard, and Victor Nilsson.

For more information, please see Agora's press release.

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