On September 13, 2019, website-security platform Cloudflare entered the public market after raising $525 million in an initial public offering selling 35 million Class A common shares for $15 each, topping a previously set $10 to $12 per-share price range for the IPO. The company's shares began trading on the New York Stock Exchange on September 13 under the symbol "NET." The offering closed on September 17. Wilson Sonsini Goodrich & Rosati represented Cloudflare in the offering.

As part of the offering, Cloudflare said it gave underwriters the chance to snap up an additional 5.25 million shares at the IPO price, which could raise an additional $78.75 million if the underwriters take full advantage of that option. The underwriters in the offering are Goldman Sachs & Co., Morgan Stanley & Co., J.P. Morgan Securities, Jefferies, Wells Fargo Securities, RBC Capital Markets, JMP Securities, Evercore Group, Needham & Company, Oppenheimer & Co., BTIG, and SunTrust Robinson Humphrey.

Cloudflare says that the offering is aimed at bolstering its financial flexibility and its capitalization. In its securities filing, it said it plans to use the IPO's net proceeds for general corporate purposes, such as working capital, operating expenses, and capital expenditures. The company bills its technology platform as a scalable, easy-to-use, unified control plane to deliver security, performance, and reliability across on-premise, hybrid, cloud, and software-as-a-service (SaaS) applications.

The WSGR team representing Cloudflare in the offering includes partners Allison Spinner, Steve Bochner, Bryan King, and David Thomas and associates Andy Gillman, Cody Gaynor, Jeremy Muhlfelder, Jackie Tokuda, and Jamison Klang.

For more information, please see Law360’s article covering Cloudflare's IPO.