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Logm

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By Lynn Cowan Of DOW JONES NEWSWIRES Software company LogMeIn Inc.'s initial public offering priced at $16 a share Tuesday night, at the high end of the expected range.

A total of 6.7 million shares were sold in the offering, which was managed by underwriters JPMorgan Chase & Co.

and Barclays Capital.

The stock will begin trading on the Nasdaq Stock Market Wednesday under the symbol LOGM.

Based in Woburn, Mass., LogMeIn specializes in remote access software, which allows users at distant locations to log in and control any Internet-connected device from distant locations.

It is the only IPO expected in the U.S.

this week.

Since its inception in 2003, LogMeIn's revenue has grown rapidly.

It has never reported a full year of profits, but has been in the black since the third quarter of 2008.

The offering follows the successful IPO last week of software company Medidata Solutions Inc.

(MDSO), which rose 21% on its first day of trading.

IPOs in the technology sector have performed quite well to date in the U.S.

market, with most making double-digit percentage gains on their debuts.

-By Lynn Cowan, Dow Jones Newswires; 301-270-0323; [email protected]

http://online.wsj.com/article/BT-CO-20090630-718535.html
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