NEW YORK (Reuters) – Software maker LogMeIn Inc (LOGM.O) shares priced at $16 each in its initial public offering on Tuesday, at the top of its estimate range, a source with direct knowledge of the deal said.
The Woburn, Massachusetts company, whose backers include chipmaker Intel Corp (INTC.O), sold 6.7 million shares, raising $106.7 million, the source said, in the 11th IPO of 2009 in the United States.
In a regulatory filing, LogMeIn had said it expected its IPO would price between $14 and $16 per share.
LogMeIn, founded in 2004, sells software that helps businesses and consumers gain access to their computers remotely by using the Internet, competing against Citrix Systems, (CTXS.O) Microsoft Corp (MSFT.O) and Cisco Systems’s (CSCO.O) WebEx Communications Corp.
LogMeIn recently reported its first ever profit, earning $2.1 million in the first three months of 2009, after revenues shot up 73 percent to $17.2 million over the year earlier period.
About one quarter of shares sold were held by existing shareholders, including Intel Capital, and venture capital firms Prism Venture Partners and Polaris Venture Partners.
The LogMeIn IPO is the third venture-backed technology IPO of 2009, following those of online restaurant reservation system OpenTable Inc (OPEN.O) and network management software maker SolarWinds Inc (SWI.N).
LogMeIn’s shares are set to begin trading on Wednesday on the Nasdaq Global Market under the symbol “LOGM.” (Reporting by Phil Wahba; editing by Andre Grenon and Carol Bishopric)