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LegalZoom shares soar 35% in trading debut

LegalZoom.com Inc. shares (LZ) soared 35% in their trading debut Wednesday, after the company's initial public offering priced at $28 a share, above its proposed price range of $24 to $27 each. The California-based online legal and compliances services company made its latest shot at going public with a valuation of up to $5.2 billion. The company had previously filed to go public in 2012, with terms implying a valuation of up to about $484 million, but filed in January 2014 to withdraw the filing. The company sold 19.1 million shares to raise $534.8 million. The stock will start trading later Wednesday on the Nasdaq under the ticker symbol "LZ." There were 14 underwriters, led by J.P. Morgan, Morgan Stanley and Barclays. LegalZoom recorded net income of $9.9 million on revenue of $470.6 million in 2020, after net income of $7.4 million on revenue of $408.4 million in 2019. The company is going public at a time that the Renaissance IPO ETF (IPO) has ticked up 3.28% in the year to date, while the S&P 500 has gained 14%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

 

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06-30-21 1202ET

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