Lost in the shuffle of the July 4th holiday, the LogMeIn IPO produced one of the biggest returns for VCs this year—at least on paper.
Mind you, there have only been six VC-backed IPOs so far. But still…
LogMeIn (Nasdaq: LOGM) priced at $16 on July 1 and shot up to $20.02 by the end of the trading day. That was the second best debut of a VC-backed offering this year, behind only restaurant reservation service OpenTable (Nasdaq: OPEN), which rose over 59% on its first day.
Following the IPO, five venture firms collectively held 10.8 million shares worth over $209 million at yesterday’s closing price $19.32. In addition, three of the VCs sold shares in the IPO for proceeds of more than $21 million.