Technology company LogMeIn Inc has set the terms of its planned $100 million initial public offering, according to a regulatory filing on Tuesday.
Massachusetts-based LogMeIn, whose backers include Intel Corp, plans to sell 6.7 million shares for between $14 and $16, according to a prospectus filed with the U.S. Securities and Exchange Commission.
The IPO, to be led by JP Morgan and Barclays Capital, is scheduled to price July 1, with trading beginning the next day on Nasdaq. LogMeIn filed its original IPO registration in January 2008.
LogMeIn provides on-demand remote-connectivity services to small business and consumers, and derives most of its revenue from subscriptions, according to its prospectus.
LogMeIn has just begun to be profitable. The company's sales nearly doubled to $51.7 million in 2008, but LogMeIn still sustained losses for the year, the third in a row with losses. But for the first three months of 2009, LogMeIn made a profit of $2.1 million on revenue of $17.2 million.
LogMeIn will reap about 75 percent of the IPO's proceeds, with the rest going to existing shareholders, according to the filing.
Those owners include Intel Capital, which currently holds 5.4 percent of LogMeIn, and venture capital firms Prism Venture Partners with a 23.8 percent stake, and Polaris Venture Partners with a 21 percent share.
The deal's underwriters have the option to purchase another 1 million shares to cover over-allotments.
(Reporting by Phil Wahba; Editing by Tim Dobbyn)