sees IPO priced at $10-$12 per share

Mon Jul 23, 2012 4:28pm IST

(Reuters) - Inc, which provides online legal services to small businesses and consumers in the United States, expects to price its initial public offering of 8 million shares at between $10 and $12 each.

The company is offering 3.8 million shares while the rest are being sold by its majority-backer Polaris Venture Partners and certain executives, said in an amended regulatory filing.

Glendale, California-based had in May filed with the U.S. Securities and Exchange Commission to raise up to $120 million in an IPO of common shares.

At the top end of this expected range, the company will be valued at about $483 million, based on the number of outstanding shares listed in the filing.

The company, which has about 300,000 subscribers, said it expect a profit of $1 million to $1.6 million, for the quarter-ended June 30, on revenue of $48 million to $50 million.

Morgan Stanley and BofA Merrill Lynch are acting as lead underwriters to the offering.

(Reporting by Aman Shah in Bangalore; Editing by Supriya Kurane)