Davis Polk advised representatives of several underwriters in connection with the $475.8 million initial public offering of 19,032,500 shares of Class A common stock of ACV Auctions Inc., of which 16,550,000 shares were issued and sold by ACV Auctions and 2,482,500 shares were sold by the selling stockholders pursuant to the full exercise by the underwriters of their option to purchase additional shares. The common stock is listed on the Nasdaq Global Select Market under the symbol “ACVA.”
ACV Auctions provides a vibrant digital marketplace for wholesale vehicle transactions and data services that offer transparent and accurate vehicle information to its customers. ACV Auctions platform leverages data insights and technology to power its digital marketplace and data services, enabling its dealers and commercial partners to buy, sell and value vehicles with confidence and efficiency. ACV Auctions is headquartered in Buffalo, New York.
The Davis Polk capital markets team included partners Richard D. Truesdell Jr. and Pedro J. Bermeo and associates Stephen A. Byeff, Amber Leary and Caroline G. Armstrong. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Jay Frankel. The tax team included counsel Kiara L. Rankin and associate Dov Sussman. Counsel Marcie A. Goldstein provided FINRA advice. All members of the Davis Polk team are based in the New York.