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LogMeIn Inc. today announced the terms of an initial public offering (IPO) it originally filed for in January, 2008.
The Woburn-based provider of remote connectivity and support services said in a press release this morning it will offer 6.67 million common shares at $14 to $16 per share, for an initial market cap of up to $342 million. LogMeIn plans to list on Nasdaq under the symbol LOGM, with JPMorgan and Barclays Capital serving as co-lead underwriters.
The company, founded in 2003 as 3am Labs, says it has raised about $30 million in venture capital funding since 2004. Its January filing originally valued its IPO at $86 million. In 2006, LogMeIn acquired Canada-based Applied Networking Inc. for undisclosed terms.
LogMeIn provides applications for desktop remote control, data backup, file sharing, remote system administration and on-demand customer support.
Institutional investors include Prism VentureWorks, at 23.8 percent, Polaris Venture Partners at 20.1 percent, 3TS Capital Partners at 15.8 percent, Integral Capital Partners at 8.9 percent and Intel Capital at 5.4 percent.
Editor's Note: An earlier version of this story offered an incorrect IPO amount. LogMeIn outlined terms for a $100 million IPO, with a market cap of $342 million.
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