LogMeIn Hopes to Raise Up to $80 Million in IPO
LogMeIn, the Woburn, MA-based startup that makes software for controlling PCs and other devices remotely, today filed updated registration documents with the Securities and Exchange Commission revealing how much stock it hopes to sell in its planned initial public offering, and at what price.
The company plans to offer 5 million shares of common stock for sale, while individual stockholders, including CEO Michael Simon and chief technology officer Martin Anka, plan to sell an additional 1,666,6667 shares. The company hopes to price the shares at $14 to $16 per share. At that level, an IPO would bring in $70 million to $80 million for LogMeIn and between $23.3 million and $26.6 million for the individual shareholders.
LogMeIn plans to go public on the NASDAQ exchange, where it would have the ticker symbol LOGM. The underwriters for the offering are J.P. Morgan, Barclays Capital, Thomas Weisel Partners, Piper Jaffray, and RBC Capital Markets. A date for the offering has not been set.
Remote device management is seen as a growing sector of the software business at a time when more and more people are doing their computing using mobile devices. LogMeIn says that over 70 million devices around the world are controlled using its subscription-based software, which can be used in situations from remote backup, server management, and file transfers to help-desk diagnostics and support. In December the company released a $30 application for the Apple iPhone and iPod Touch that lets users control their home or work computers directly from the mobile device’s screens
Founded in 2003, LogMeIn has raised $30 million in venture funding from Intel Capital, Integral Capital Partners, Prism VentureWorks, Polaris Venture Partners, and 3TS Capital Partners. Prism is its largest single shareholder.
LogMeIn got the ball rolling on registration for its IPO way back in January 2008, but waited out the worst of the economic crisis before proceeding. It would be only the second venture-backed company to move forward with an IPO this year, after San Francisco-based OpenTable. Only six U.S. venture-backed companies had IPOs in 2008.