Maybe somebody at LogMeIn (NASDAQ: [[ticker:LOGM]]) has a remote control for the NASDAQ exchange? Shares of the Woburn, MA-based remote access software company are flying high today, selling for more than 25 percent above the $16 per share price set last night for the company’s initial public offering. As of 1:25 p.m. ET, shares were trading at $20.50, up about 28 percent for the day.
LogMeIn raised $106.7 million in its IPO, about $80 million of it going directly to the company and the rest to individual shareholders selling their stakes. It’s the 11th company to go public in the United States this year, the fourth venture-backed company to attempt an IPO, and the first venture-backed company from New England to do so.
At the $20.50 price, LogMeIn venture backer Prism VentureWorks’ shares in the company are worth $79.2 million, about $17 million more than they were last night. Polaris Venture Partners, which sold $7.4 million worth of shares at the $16 price, retains shares worth $61 million, about $13 million more than last night.
Author: Wade Roush
Between 2007 and 2014, I was a staff editor for Xconomy in Boston and San Francisco.
Since 2008 I've been writing a weekly opinion/review column called VOX: The Voice of Xperience. (From 2008 to 2013 the column was known as World Wide Wade.)
I've been writing about science and technology professionally since 1994. Before joining Xconomy in 2007, I was a staff member at MIT’s Technology Review from 2001 to 2006, serving as senior editor, San Francisco bureau chief, and executive editor of TechnologyReview.com. Before that, I was the Boston bureau reporter for Science, managing editor of supercomputing publications at NASA Ames Research Center, and Web editor at e-book pioneer NuvoMedia.
I have a B.A. in the history of science from Harvard College and a PhD in the history and social study of science and technology from MIT. I've published articles in Science, Technology Review, IEEE Spectrum, Encyclopaedia Brittanica, Technology and Culture, Alaska Airlines Magazine, and World Business, and I've been a guest of NPR, CNN, CNBC, NECN, WGBH and the PBS NewsHour. I'm a frequent conference participant and enjoy opportunities to moderate panel discussions and on-stage chats.
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