SAN FRANCISCO (MarketWatch) — LogMeIn Inc. kicked of the second half of the year with an initial public stock offering that raised $107 million for the remote-services technology provider.
shares priced at $16 each, which was at the high end of the stock’s IPO price range, and climbed almost 28% to $20.48 shortly after the company made its public debut.
According to a filing with the Securities and Exchange Commission, LogMeIn will keep about 75% of its IPO sales and the rest will go to current company shareholders.
investment arm Intel Capital holds about a 5.4% stake in LogMeIn, while Prism Venture Partners owns 23.8% of the company and Polaris Venture Partners holds a 21% stake.
LogMeIn provides small businesses and consumers with on-demand, remote-connection services and gets most of its revenue through subscriptions.
J.P. Morgan and Barclays Capital led the IPO for LogMeIn.
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