Wednesday, January 8, 2014

LegalZoom Officially Drops IPO Bid

Glendale-based LegalZoom has officially dropped its IPO bid, saying in a regulatory filing that it has withdrawn its S-1 filing for an IPO, which had originally been filed in May of 2012. LegalZoom said the move came because it does not intend to pursue the contemplated public offering at this time. The filing was expected, after the announcement this week that it had sold $200M in equity to private equity firm Permira. That secondary stock transaction went to buy out earlier investors in the company. LegalZoom had filed for an IPO in May of 2012, but delayed the IPO after poor market interest in July of 2012. In an unfortunate timing, LegalZoom's IPO filing had immediately preceded Facebook's infamous IPO snafu in the May of 2012.