US/Hungary – VCs float LogMeIn at $342m cap

The company's stock rose 25% on the first day of trading to $20.48 per share, allowing LogMeIn to raise $107m in what marks one of the only tech IPOs this year. The company initially filed for flotation in early 2008, and finally listed yesterday at $16 per share, the top of its indicative range. The company floated 6.67 million shares.

LogMeIn was founded in 2003 as 3am Labs and has raised around $30m since its first round of funding in 2004. At that time, dedicated CEE investor 3TS became LogMeIn's first institutional investor, with Polaris and Prism coming on board within a year to move the company's headquarters from Budapest to Massachusetts in the US.

JP Morgan and Barclays Capital led the flotation.

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