Home ECONOMY LegalZoom jumped 31 percent in debuts, valued at $7 billion. is

LegalZoom jumped 31 percent in debuts, valued at $7 billion. is

- Advertisement -

Shares of LegalZoom opened on Wednesday 31 percent above its offer price, valuing the online legal services company at $7 billion in its Nasdaq debut, its second foray into a stock market listing.

The stock opened at $36.75 per share, well above the initial public offering price of $28 per share.

LegalZoom, which says its mission is “democratic” law, was founded in 2001 and offers a wide range of services, including estate planning, divorces, name changes and residential leases.

The Glendale, California-based company was 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 first applied for an IPO in 2012, which was postponed and then withdrew two years later. It was valued at $2 billion in 2018 after a $500 million investment led by Francisco Partners and GPI Capital.

The company sold approximately 19.1 million shares in its IPO on Tuesday, raising approximately $535.4 million.

Shares were priced well above the $27 per share limit announced before the high end of $24 per share.

Robert Shapiro
Former OJ Simpson attorney Robert Shapiro co-founded LegalZoom in 2001.
Getty Images

LegalZoom, which faces stiff competition from single lawyers and law firms, has been involved in several lawsuits alleging unauthorized practice of law or unfair competition. However, the company denies these allegations.

LegalZoom said in its prospectus earlier this month that some funds managed by subsidiaries of BlackRock and associates of Neuberger Berman Investment Advisors may buy shares up to $75 million at the IPO price.

Separately, shares of Intap, a software provider to professional services and capital markets firms backed by Singapore-based Temasek and private equity firm Great Hill Partners, rose 3 percent in their opening quarter.

.

- Advertisement -
- Advertisement -
Must Read

Crowd of Trump supporters gather outside Mar-a-Lago hours after FBI raid: ‘They’re terrified of him’

NEWYou can now listen to Acesparks articles! Dozens of supporters of former President Donald Trump gathered outside his Mar-a-Lago estate...
- Advertisement -

Listen to Biffy Clyro’s Simon Neil guest on a new version of Goldfinger’s ‘Superman’

Biffy Clyro frontman Simon Neil has guested on a new version of Goldfinger's classic song 'Superman' – you can listen to the track...

Jai alai defies extinction in Miami with new twists to the classic sport: ‘Like racquetball on steroids’

NEWYou can now listen to Acesparks articles! Once upon a time, jai alai was just as popular in the United States as...

Taylor Swift addresses ‘Shake It Off’ copyright lawsuit: “The lyrics were written entirely by me”

Taylor Swift has addressed a 2017 copyright lawsuit that claimed she stole the lyrics of her 2014 song 'Shake It Off'. Writing in a...
Related News

Crowd of Trump supporters gather outside Mar-a-Lago hours after FBI raid: ‘They’re terrified of him’

NEWYou can now listen to Acesparks articles! Dozens of supporters of former President Donald Trump gathered outside his Mar-a-Lago estate...

Listen to Biffy Clyro’s Simon Neil guest on a new version of Goldfinger’s ‘Superman’

Biffy Clyro frontman Simon Neil has guested on a new version of Goldfinger's classic song 'Superman' – you can listen to the track...

Jai alai defies extinction in Miami with new twists to the classic sport: ‘Like racquetball on steroids’

NEWYou can now listen to Acesparks articles! Once upon a time, jai alai was just as popular in the United States as...

Taylor Swift addresses ‘Shake It Off’ copyright lawsuit: “The lyrics were written entirely by me”

Taylor Swift has addressed a 2017 copyright lawsuit that claimed she stole the lyrics of her 2014 song 'Shake It Off'. Writing in a...

Ezra Miller charged with felony burglary in Vermont

Embattled actor Ezra Miller is in legal trouble again — this time for allegedly stealing booze from a home in Vermont. Miller, 29,...
- Advertisement -