Online Legal Services Company LegalZoom Jumps 31% at Start, Valued at $ 7 Billion | Money
NEW YORK, July 1 – Shares of LegalZoom.com Inc opened 31% above their offer price yesterday, valuing the online legal services firm at $ 7 billion (RM 29 billion) when it closed. Nasdaq debut in what was his second SEO stock market attempt.
The stock opened at US $ 36.75 per share, up from the initial public offering price (IPO) of US $ 28 per share.
LegalZoom, whose mission is to “democratize” the law, was founded in 2001 and offers a range of services including estate planning, divorce, name change and residential leases.
The Glendale, California-based company was co-founded by Robert Shapiro, who was part of OJ Simpson’s legal defense team. He worked on the case with Robert Kardashian, the late father of celebrity Kim Kardashian.
LegalZoom filed a first IPO application in 2012, which was postponed and then withdrawn after two years. It was valued at US $ 2 billion after a US $ 500 million investment led by Francisco Partners and GPI Capital in 2018.
The company sold around 19.1 million shares when it went public on Tuesday, raising around $ 535.4 million.
The shares were listed above the upper end of the US $ 24 to US $ 27 per share range announced earlier.
LegalZoom, which faces stiff competition from independent lawyers and law firms, has been involved in several lawsuits alleging unauthorized practice of law or unfair competition. The company denies these allegations, however.
Certain funds managed by subsidiaries of BlackRock Inc and affiliates of Neuberger Berman Investment Advisers could each purchase up to $ 75 million of shares at the IPO price, LegalZoom said in its prospectus earlier this month. -this.
Separately, shares of Intapp Inc, a provider of software for professional services and capital markets firms, which is backed by Singapore’s Temasek and private equity firm Great Hill Partners, rose 3% to their bottom line. beginnings. Reuters