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Wall Street Bankers Lose Out on Big IPO Payday
It happened in a flash. AppDynamics, which was supposed to be the first big tech IPO of 2017, will instead be a last-minute private transaction. On Tuesday, it was announced that networking giant Cisco would buy the startup firm for $3.7 billion in cash and equity awards – higher than AppDynamic’s maximum valuation of $1.7 billion – and most recent private valuation of $1.9 billion.
Morgan Stanley, Goldman Sachs, and JPMorgan were to be the lead banks on the IPO, according to an SEC filing, with Barclays, UBS, Wells Fargo, William Blair, and JMP Securities also acting as underwriters. Some of the bankers working on the IPO were kept out of the loop until "moments before" the press release.
Apparently, AppDynamics hired the boutique bank Qatalyst to work on a sale behind the scenes. During the IPO roadshow they held late-night meetings in hotel rooms after underwriters and investors had left for the day – though Fortune's Erin Griffith reports that Morgan Stanley and Goldman Sachs were included in the sale discussions, along with Qatalyst. Qatalyst founder Frank Quattrone is a long-time adviser to Cisco, which frequently acquires companies.
[Click here, Cisco, for additional news.]
