Seeking Alpha contributor Donovan Jones recently wrote that LZ “is growing revenue reasonably quickly, is profitable on an annual basis and is generating significant free cash flow. (LZ), an online platform that provides legal protection to US companies, is launching its IPO on June 29.
All in, the IPO valued the firm at more than $5.4B on a non-diluted basis, with Wednesday’s gains taking that up to about $7.5B.Additionally, pre-IPO investor TCV agreed to buy $90M of stock in a private placement. The company also granted underwriters the option to buy and additional roughly 2.9M shares for any overallotments.Shared image - LegalZoom IPO: legal document firm begins trading under LZ on. This time, the company sold 19.1M shares at above the $24-$27/share range that LegalZoom had expected. See what employees say its like to work at LegalZoom. June 21 (Reuters) - LegalZoom is aiming for a valuation of more than 5 billion in its U.S.
LZ tried to go public once before in 2012, but eventually canceled those plans.LegalZoom runs a popular online platform that businesses and individuals use to draft wills, articles of incorporation and other legal documents.Shares later settled back some, but nonetheless ended the day at $37.85, up 35.2% on the session.LZ opened shortly after noon ET at $36.75 and rose to as high as $38.79, up 38.5% from the stock’s $28-a-share IPO price.The IPO's pricing and the stock's subsequent rally valued the company at more than $7B. Legal-documents platform (NASDAQ: LZ) popped nearly 40% intraday Wednesday in its first session following an IPO that priced above the expected range.
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