LogMeIn (LOGM) IPO Surges Higher
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The IPO for LogMeIn (Nasdaq: LOGM) is open for trading. Shares are trading at $20.12 after pricing 6,666,667 shares at $16.00 per share, the high end of the expected $14.00-$16.00 range.
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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