LegalZoom.com Inc’s shares opened 31% above their offer price
LegalZoom.com Inc’s shares opened 31% above their offer price on Wednesday. This added value of the online legal services company at $7 billion in its Nasdaq debut in what was its second attempt at a stock market listing. The stock opened at $36.75 per share, rather than the initial public offering price of $28 per share.
It sold around 19.1 million shares in its IPO on Tuesday, raising about $535.4 million. Though it has tough competition from solo attorneys and law firms, has been involved in several lawsuits alleging unauthorized practice of law or unfair competition. The company, however, denies these allegations.