LegalZoom Chief Executive Dan Wernikoff at IPO in New York.

LegalZoom Chief Executive Dan Wernikoff at IPO in New York.

Online legal technology company Inc. made its market debut Wednesday with a share price that gave the company a valuation of more than $7.5 billion.

Shares of LegalZoom closed at $37.85 on the Nasdaq Wednesday.

Net proceeds from the offering will be used to pay down the company’s $523 million debt and will be used for general corporate expenses and investments in technology, services and products that complement LegalZoom’s operations.

The Glendale-based company, which cites small businesses as its prime market, offers do-it-yourself legal services and documents related to incorporations, wills, limited liability companies, divorces and living trusts.

According to a May SEC filing made by LegalZoom, 2020 marked the year that 10 percent of new limited liability companies and 5 percent of all new corporations in the U.S. were formed via LegalZoom services. 

“The market itself is extremely large, we’re talking about a $50 billion-ish (serviceable addressable market),” LegalZoom Chief Executive Dan Wernikoff said in an interview with CNBC.

On Thursday, shares of LegalZoom (LZ) closed up another 1.7 percent to $38.50 on the Nasdaq.