LegalZoom.com sees IPO priced at $10-$12 per share
(Reuters) - LegalZoom.com 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, LegalZoom.com said in an amended regulatory filing.
Glendale, California-based LegalZoom.com 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)
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