06 February 2017

Cooley leads as Snapchat moves towards $3bn IPO

US-based firm Cooley has won the lead role advising social media app Snapchat as it prepares to list on the US stock market.

By Kathryn Higgins

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The Cooley team advising Snapchat on the forthcoming IPO comprises of capital markets co-head David Peinsipp in San Francisco, securities and corporate partner Eric Jensen in Palo Alto and fellow California-based partner Seth Gottlieb, who specialises in advising entrepreneurs and rapid-growth startups. A prospectus filed by Snapchat with the US Securities and Exchange Commission does not include estimates of legal fees and other expenses likely to be incurred by the company through going public. However, with an estimated $3bn value, the Snapchat listing is likely to be the largest technology stock offering of the year. Goldman Sachs and Morgan Stanley are acting as underwriters for the IPO, and are being advised on legal aspects by a team from Goodwin Procter led by technology chair Anthony McCusker.

Sources: Legal Week; The Lawyer

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