Drinker Biddle’s Corporate & Securities Practice Group Assists Workiva in $100 Million IPO

Drinker Biddle & Reath LLP recently represented Workiva in an initial public offering (IPO) that raised in excess of $100 million.

Kimberly Rubel, partner and vice chair of the firm’s Corporate & Securities Practice Group, led a Drinker Biddle team consisting of lawyers from across the firm, including the tax, employee benefits, intellectual property and real estate groups.

During the IPO process, Workiva converted from a limited liability company (LLC) to a corporation, requiring approval from more than 300 shareholders. The Drinker Biddle team also helped Workiva navigate the complex process of creating a new corporate governance structure while preparing for its IPO on an accelerated time frame.

Formed in 2008, Workiva is a cloud-based and mobile-enabled platform for enterprises to collaboratively collect, manage, report and analyze critical business data in real time.  The company is now among a select list of Iowa-based companies that are publicly traded. 

Drinker Biddle has represented Workiva since 2009.

Workiva’s Class A common stock priced at $14.00 a share on Thursday, December 11 and began trading on the New York Stock Exchange on Friday, December 12. The company sold 7.2 million shares in the offering and the underwriters have a 30-day option to purchase an additional 1.08 million shares.