LegalZoom.com, which provides legal and compliance solutions in the US, raised $535 million by offering 19.1 million shares at $28, above the range of $24 to $27. Cornerstone investors BlackRock and Neuberger Berman had indicated an interest in purchasing up to an aggregate of $150 million worth of shares in the offering (28% of the deal). Insider TCV has agreed to purchase $90 million worth of shares in a concurrent private placement. At pricing, the company commands a fully diluted market value of $5.8 billion.
LegalZoom states that it is a leading online platform for legal and compliance solutions, claiming that 10% of new LLCs and 5% of new corporations in the US were formed via LegalZoom in 2020. Along with formation, LegalZoom offerings include ongoing compliance and tax advice and filings, trademark filings, and estate plans. The company operates across all 50 states and over 3,000 counties in the US.
LegalZoom.com plans to list on the Nasdaq under the symbol LZ. J.P. Morgan, Morgan Stanley, Barclays, BofA Securities, Citi, Credit Suisse, and Jefferies acted as lead managers on the deal.
