Wednesday July 1, 04:12 PM
UPDATE 1-LogMeIn starts trading 25 pct above IPO price
NEW YORK, July 1 (Reuters) - Shares of software maker LogMeIn Inc started trading at $20 in their debut session on Wednesday, or 25 percent above their initial public offering price, before easing slightly.
On Tuesday, the
Woburn, Massachusetts, company's shares priced at $16, at the top of their estimated range.
LogMeIn shares were changing hands for $20.11 in mid-morning trading on the Nasdaq (NASDAQ: news) .
LogMeIn, whose backers include chipmaker Intel Corp (NASDAQ: INTC - news) , sold 6.7 million shares, raising $106.7 million in the 11th IPO of 2009 in the United States.
LogMeIn, which was founded in 2004, sells software that helps businesses and consumers gain access to their computers remotely by using the Internet, competing against Citrix Systems Inc, Microsoft Corp (NASDAQ: MSFT - news) and Cisco Systems Inc (NASDAQ: CSCO - news) 's WebEx Communications Corp.
LogMeIn recently reported its first-ever profit, earning $2.1 million in the first three months of 2009, after revenues shot up 73 percent from a year earlier to $17.2 million.
(Reporting by Phil Wahba, editing by Gerald E. McCormick) Keywords: LOGMEIN/
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