The first IPO of the third quarter took hold today, as shares of LogMeIn soared nearly 30 percent once the stock began to trade this morning. LogMeIn shares priced at $16, but hit an intraday high of $20.98.
The offering raised $107 million for the company, which provides remote connection services technology.
LogMeIn will keep 75 percent of the proceeds, while the remainder will go to previous shareholders.
JPMorgan and Barclays Capital led the IPO.
By Wednesday afternoon, shares were trading at $20.64.
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