UPDATE 2-LogMeIn's $16 IPO price latest to hit top of range

* LogMeIn IPO raised $106.7 mln

* LogMeIn becomes 10th of 11 IPOs to price well in 2009 (Recasts, adds analyst quotes, byline)

By Phil Wahba

NEW YORK, June 30 (Reuters) - Software maker LogMeIn Inc (LOGM.O) shares priced at $16 each in its initial public offering on Tuesday, a source with direct knowledge of the deal said, making it the latest new stock to price at the top or above its estimate range as investors warm up to IPOs again.

The Woburn, Massachusetts company, whose backers include chipmaker Intel Corp (INTC.O), sold 6.7 million shares, raising $106.7 million, the source said, in the 11th IPO of 2009 in the United States.

In a regulatory filing, LogMeIn had said it expected its IPO would price between $14 and $16 per share.

All but one IPO this year-- that of online university operator Bridgepoint Education Inc (BPI.N) -- have priced at the top or above the estimate range.

That string of successes, and the fact that most IPOs in the class of 2009 have also stayed above their offer price, lifted LogMeIn, one analyst said.

"Each IPO this year in tech, with one exception, has contributed to a more welcoming environment for tech IPOs," said Scott Sweet, senior managing partner at advisory firm IPO Boutique.

Sweet was referring to satellite imagery maker DigitalGlobe Inc's (DGI.N) flat performance since its debut, while the other tech IPOs have soared.

LogMeIn, founded in 2004, sells software that helps businesses and consumers gain access to their computers remotely by using the Internet, competing against Citrix Systems, (CTXS.O) Microsoft Corp (MSFT.O) and Cisco Systems's (CSCO.O) 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 to $17.2 million over the year earlier period.

But investors may be overlooking its new profitability, suggesting the shares may rise in their debut Wednesday, an analyst said.

"They are clearly past the break-even point," said Francis Gaskins, president of IPO Desktop.

"People are overlooking LogMeIn's growing after-tax profit margin."

About one quarter of shares sold were held by existing shareholders, including Intel Capital, and venture capital firms Prism Venture Partners and Polaris Venture Partners.