Apps & Software
LogMeIn Scores Top of Range (LOGM, INTC)
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Investors and traders alike will want to pay attention to the LogMeIn Inc. (NASDAQ: LOGM) IPO today. We were expecting a premium pricing and possibly even a higher number of shares, but the price was at the top of the $14 to $16 range (at $16.00) for almost 6.67 million shares. As a reminder, Intel Corporation (NASDAQ: INTC) is a backer of this company and owns a small stake. JPMorgan and Barclays were the lead underwriters. It is our opinion that this IPO would have or could have either commanded a higher price or a higher shares sale had the IPO not come on a summer holiday week. We gave a full synopsis on this one last night with financial details, pros and cons, and more. Its market cap based on the 21.4 million fully diluted shares outstanding as of the pricing is implied at $342.4 million.
Jon C. Ogg
July 1, 2009
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