LogMeIn (LOGM) IPO Prices at $16, High End of Range
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LogMeIn (Nasdaq: LOGM) announced the initial public offering of 6,666,667 shares of its common stock at a price to the public of $16.00 per share, the high end of the expected $14.00-$16.00 range. Shares will begin trading later today on the NASDAQ under the symbol "LOGM."
Of the 6,666,667 shares being offered to the public, 5,000,000 shares are being offered by LogMeIn and 1,666,667 shares are being offered by selling stockholders. In addition, the underwriters have a 30-day option to purchase up to an additional 1,000,000 shares to cover over-allotments, if any.
Joint book-running managers on the offering are J.P. Morgan Securities Inc. and Barclays Capital Inc. Thomas Weisel Partners LLC, Piper Jaffray & Co., and RBC Capital Markets Corporation are acting as co-managers on the offering.
LogMeIn provides on-demand, remote-connectivity solutions to small and medium-sized businesses, or SMBs, IT service providers and consumers.
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