Investors Lift LogMeIn Stock
Maybe somebody at LogMeIn (NASDAQ: LOGM) has a remote control for the NASDAQ exchange? Shares of the Woburn, MA-based remote access software company are flying high today, selling for more than 25 percent above the $16 per share price set last night for the company’s initial public offering. As of 1:25 p.m. ET, shares were trading at $20.50, up about 28 percent for the day.
LogMeIn raised $106.7 million in its IPO, about $80 million of it going directly to the company and the rest to individual shareholders selling their stakes. It’s the 11th company to go public in the United States this year, the fourth venture-backed company to attempt an IPO, and the first venture-backed company from New England to do so.
At the $20.50 price, LogMeIn venture backer Prism VentureWorks’ shares in the company are worth $79.2 million, about $17 million more than they were last night. Polaris Venture Partners, which sold $7.4 million worth of shares at the $16 price, retains shares worth $61 million, about $13 million more than last night.