Davis Polk advised Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and Citigroup Global Markets Inc. as joint book-running managers in connection with the $300 million initial public offering of 7,130,000 shares of common stock of Palo Alto Networks, Inc. (including 930,000 shares subject to the underwriters’ over-allotment option) at $42.00 per share. Of these, Palo Alto Networks sold 5,617,259 shares and stockholders sold 1,512,741 shares. The common stock is listed on the New York Stock Exchange under the symbol “PANW.”

Based in Santa Clara, California, Palo Alto Networks has pioneered the next generation of network security with its innovative platform that allows enterprises, service providers and government entities to secure their networks and safely enable the increasingly complex and rapidly growing number of applications running on their network.

The Davis Polk corporate team included partner Bruce K. Dallas and associates Patrick Spencer and Jacqueline M. Pace. Partner Matthew B. Lehr and associate Shiwoong Kim provided litigation advice. Associates Emma Maconick and Daniel Ray provided intellectual property advice. The tax team included partner Rachel D. Kleinberg and law clerk Catherine Paskoff Chang. Counsel Cynthia Akard, Marcie A. Goldstein and Catherine L. Martin provided employee benefit, FINRA and ‘40 Act advice, respectively. Elizabeth J. Gordon was the legal assistant on the transaction. Members of the Davis Polk team are based in the Menlo Park and New York offices.



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