LegalZoom made its debut in the market on Wednesday, with shares trading up 31 percent from their price, the company’s second publicly traded move.
Online legal platform worth more than $ 7.5 billion shares rose 38 percent.
The shares opened at $ 36.75 per share after the price was $ 28 per share. On Tuesday night, the firm sold 19.1 million shares at that price and raised about $ 700 million.
LegalZoom provides legal and compliance solutions and operates in all 50 U.S. states and more than 3,000 districts.
“You know, I start by saying that our job is to democratize the law,” LegalZoom CEO Dan Vernikoff told Acesparks on Wednesday. “The market itself is huge,” he said, adding about $ 50 billion for legal services.
“When you think of legal services, 8 percent of our services are done online compared to other categories, such as accounting, where you see a lot of online solutions,” he said. “That’s an opportunity ahead of us and when we’re so excited.”
There was a firm forward He applied for a stock market listing in 2012, but withdrew it in January 2014. Four years later, it was valued at $ 2 billion after investing $ 500 million in LegalZoom, Francisco Partners and GPI Capital.
In an interview with TechCheck, Vernikoff said the company strives to meet customer needs economically, especially for small businesses.
“Today you only have two options. You have a very low-cost solution, it doesn’t give any instructions, or … you have to pay for a specialist and you worry about the time you spend. The specialist,” Vernikoff said. “We’re trying to get between these two opportunities and really use technology to make the specialist more efficient.”
LegalZoom is one of many companies making its public debut on Wednesday, including Chinese pedestrian exchange company Didi, screening company Biometrics, digital advertising firm Taboola and cybersecurity firm SentinelOne.
– Acesparks contributed to this report.