Staff of Reuters 2 minutes Reuters (Reuters) – On Wednesday, shares of LegalZoom.com Inc started 31% higher than their offer price, valuing the online legal services company at $7 billion in its Nasdaq debut, marking the company’s second attempt at a stock market listing. The shares launched at $36.75 per share, up from $28 per share in the initial public offering (IPO). LegalZoom was formed in 2001 with the goal of “democratizing” law. It provides services such as estate preparation, divorce, name changes, and residential leases. Robert Shapiro, a former member of O.J. Simpson’s legal team, co-founded the corporation in Glendale, California. He collaborated on the case with Robert Kardashian, Kim Kardashian’s late father. In 2012, LegalZoom filed for an initial public offering (IPO), which was postponed for two years before being withdrawn. After a $500 million investment led by Francisco Partners and GPI Capital in 2018, it was valued at $2 billion. On Tuesday, the business raised $535.4 million by selling 19.1 million shares in its initial public offering. The stock was priced above the upper end of the previously indicated range of $24 to $27 per share. LegalZoom has been sued multiple times for illegal practice of law or unfair competition, despite facing stiff competition from solo practitioners and law firms. The corporation, on the other hand, refutes these claims. LegalZoom stated in its prospectus earlier this month that certain funds administered by BlackRock Inc’s subsidiaries and affiliates of Neuberger Berman Investment Advisers might each buy up to $75 million worth of shares at the IPO price. Intapp Inc, a software provider for professional services and capital markets organizations sponsored by Singapore’s Temasek and private equity firm Great Hill Partners, increased 3% in its initial public offering. Niket Nishant and Noor Zainab Hussain contributed reporting from Bengaluru, and Vinay Dwivedi edited the piece./n
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