LegalZoom Files for IPOFriday, May 11, 2012
Legalzoom.com, which provides online legal services, on Friday said that it had filed with regulators to raise up to $120 million in an initial public offering.
The Glendale company said that it plans to use net proceeds from the IPO to scale up operations, technology and infrastructure. The filing did not disclose the number of shares the company plans to sell or an expected price.
Legalzoom said that it intends to list its shares on the New York Stock Exchange under the symbol "LGZ." It earlier submitted a registration statement to the U.S. Securities and Exchange Commission on a confidential basis under the Jumpstart Our Business Startups Act.
Morgan Stanley and BofA Merrill Lynch are acting as the lead underwriters for the offering.
The company, which was co-founded 10 years ago by O.J. Simpson defense attorney Robert Shapiro, is backed by Polaris Venture Partners. It primarily provides legal documents such as living wills, divorce papers and real estate leases to consumers and small businesses. It said that it has served about 2 million customers over the years.
The company last year reported a profit of $12.1 million, compared with a loss of $4 million in 2010. Revenue rose 29 percent to $156 million.