Venture-backed LogMeIn Inc. is expected to go public later this week, following four companies that made public debuts last week, the most active week for IPOs since that of April 21, 2008.
Investors in LogMeIn include Prism Venture Partners, Polaris Venture Partners, Technologieholding Central and Eastern European Funds, Integral Capital Partners and Intel Capital.
The Woburn, Mass.-based remote-access software developer is planning to raise $100 million-plus in an initial public offering of 6.7 million shares at a price range of $14 to $16. Underwriters are led by J.P. Morgan Chase & Co. (NYSE:JPM) and Barclays plc's (NYSE:BCS) Barclays Capital.
Expected to begin trading on the Nasdaq exchange under the ticker symbol LOGM on Wednesday, LogMeIn will be the fourth venture-backed company to go public this year, in another sign that the end of the IPO drought may be near.
The others VC-backed IPOs this year are: Medidata Solutions Inc. (NASDAQ:MDSO), which had its IPO last week, restaurant reservation service OpenTable Inc. (NASDAQ:OPEN) and network management software company SolarWinds Inc. (NYSE:SWI), which began trading in May.
Medidata proved a profit bonanza for its VC backers -- Insight Venture Partners, Milestone Venture, Stonehenge Capital, GlobalNet Partners and Silicon Alley Ventures. The firms made a combined $24.4 million profit in just the first day, with Insight's 33% stake giving it a $16.3 million profit.
Also making public debuts last week were: Invesco Mortgage Capital Inc. (NYSE:IVR), an Atlanta-based real estate investment trust, or REIT; Chemspec International Ltd. (NYSE:CPC), a Shanghai chemicals maker; and Duoyuan Global Water Inc. (NYSE:DGW), a Beijing supplier of water treatment equipment. (Subscribers to The Deal Pipeline can read more about the IPOs of Invesco here and Medidata, Chemspec and Duoyuan here.)
The last time four companies went public in one week was the week of April 21, 2008, when American Water Works Co. (NYSE:AWK), Intrepid Potash Inc. (NYSE:IPI), Hatteras Financial Corp. (NYSE:HTS) and Whiting USA Trust I (NYSE:WHX) all began trading. - Mary Kathleen Flynn
