Print
Email
Print Edition Stories
MHT's Rodney Brown: App developers see opportunity in new iPhone
MHT's Galen Moore: Hiring trends and opportunities
Breaking down the MIT $100K
MHT's Efrain Viscarolasaga: Tech companies may have to wait for stimulus funds
Woburn-based LogMeIn Inc. has become the first New England technology company to go public in almost a year, pricing its stock at $16 per share and raising $107 million.
The remote access technology company had said two weeks ago that it would be pricing the IPO between $14 and $16 per share. Trading on the Nasdaq under the ticker symbol LOGM, LogMeIn is expected to start its life as a public company with a market cap of approximately $342 million.
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.
In the last tech IPO, in July 2008, Merrimack, N.H.-based GT Solar Inc. went public on the Nasdaq exchange at an opening price of $16.50 per share. At the time the solar equipment maker raised close to $500 million and started with a market capitalization of approximately $2.2 billion.
RSS Feeds
Comments
Please Login/Register to post comments.
No comments have been added or approved.