IPOs
7/1/2009 9:44 AM ET
(RTTNews) -
LogMeIn, Inc. (LOGM: News ), a provider of on-demand, remote access solutions, said Wednesday that it has priced an initial public offering of 6,666,667 shares of its common stock at $16.00 per share, above the expected price range of $14 per share to $16 per share. The shares of the company will begin trading on the NASDAQ Global Market under the ticker symbol "LOGM", effective today.
The Woburn, Massachusetts-based company had on January 11, 2008, filed a registration statement on Form S-1 with the Securities and Exchange Commission for an initial public offering of its common stock. The underwriters will have a 30-day option to buy up to an additional 1.00 million shares of common stock from the company to cover over-allotments, if any.
Citing people familiar with the process, media earlier reported that LogMeIn intends to use proceeds of the public offering for working capital, to develop new services, and to acquire other companies.
LogMeIn provides organizations and individuals with secure, easy-to-use and cost effective solutions for remotely supporting, connecting and accessing digital information, applications and Internet-enabled devices. The company's diverse and expanding customer base currently comprises many top companies including 3M (MMM), Advance Micro Devices (AMD), IBM, Affiliated Computer Services Inc. (ACS), Raytheon (RTN) and Amerisource Bergen (ABC).
LogMeIn, which began operations in 2003, has enjoyed rapid revenue growth from $11.3 million in 2006 to $51.7 million in 2008. In its most recent quarter, ended March 31, 2009, the company generated $17 million in revenues and net income of $2.1 million.
J.P. Morgan Securities Inc. and Barclays Capital Inc.acted as joint bookrunning managers for the proposed offering, while Thomas Weisel Partners LLC, Piper Jaffray & Co., and RBC Capital Markets Corp. acted as co-managers.
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by RTT Staff Writer
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