LogMeIn up 28 percent, latest to jump in debut

By Phil Wahba

NEW YORK (Reuters) - Software maker LogMeIn Inc (LOGM.O) became the latest technology company to soar in its trading debut, jumping 28 percent on Wednesday, the day after its initial public offering.

The Woburn, Massachusetts, company's shares started trading at $20, or 25 percent more than the IPO price, and continued to climb, changing hands on Nasdaq for $20.42 by midday.

LogMeIn, whose backers include chipmaker Intel Corp (INTC.O), sold 6.7 million shares that priced for $16, at the top of their range, raising $106.7 million in the 11th IPO of 2009 in the United States, according to Thomson Reuters. That tally excludes IPOs by real estate investment trusts and blank check companies.

If LogMeIn stays above $16, it will be the 10th IPO of the year out of those 11 deals to jump in its first day.

The other tech IPOs this year, including online restaurants reservations system OpenTable Inc (OPEN.O), network software maker SolarWinds Inc (SWI.N) and medical software maker Medidata Solutions Inc (MDSO.O) all jumped by double digits on their first day of trading.

All but one IPO in the class of 2009 so far, regardless of sector -- the exception being Chinese chemicals maker Chemspec International Ltd (CPC.N) -- has had a "first-day pop."

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 (CTXS.O), Microsoft Corp (MSFT.O) and Cisco Systems Inc'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 from a year earlier to $17.2 million.

(Reporting by Phil Wahba, editing by Gerald E. McCormick and Gunna Dickson)