On February 10, 2022, Law360 published a feature profile highlighting Wilson Sonsini Goodrich & Rosati’s representation of DoorDash in its nearly $3.4 billion initial public offering amid the pandemic and uncertainty around California’s Prop. 22, noting that the firm’s involvement in the matter—the second-largest IPO of 2020—earned it a spot among the publication’s 2021 Capital Markets Groups of the Year.

According to corporate and securities partner Rezwan Pavri, “Telling the DoorDash story, at a time when DoorDash itself was working very hard to help its merchants survive and thrive in a very tough environment, was just such a unique experience.” In addition to the global pandemic, the company stood to be affected by Prop. 22, a ballot initiative passed by voters in 2020 that classified certain gig workers, such as DoorDash drivers, as independent contractors, rather than employees. As noted in the article, “in the lead up to both the vote and the IPO, Wilson Sonsini helped the market understand how DoorDash might be affected based on the possible outcomes.” Ultimately, the company sold 33 million shares at $102 each, surpassing its upwardly revised range of $90 to $95 and raising a total of $3.36 billion.

The Law360 article also highlighted the firm’s involvement in network infrastructure software company HashiCorp’s December 2021 $1.2 billion IPO—in which 15.3 million shares priced at $80 per share, well above the expected range of $68 to $72—and Roblox’s March 2021 direct listing. On the first day of trading, Roblox shares closed at $69.47, above a reference price set by the NYSE prior to trading. According to corporate partner Tony Jeffries, Roblox’s successful direct listing highlights the diversity of the routes to going public, as well as the diversity of work that Wilson Sonsini can do. “It is a year full of not just IPOs, but direct listings, like Roblox, and a whole host of de-SPAC transactions as well,” Tony said. “Never have there been so many paths to go public, and we got to see all of them this last year.”

To view the firm’s full Capital Markets Group of the Year profile, please click here.