The IPO Buzz: Red-Hot Tech IPOs

Hitting the IPO runway was LogMeIn (NASDAQ: LOGM), a provider of remote-connectivity solutions, and the deal produced an opening-day gain of 25 percent.
 
On Tuesday evening, which was June 30th, LogMeIn priced 6.7 million shares at $16 each and began trading at $20 per share on Wednesday morning, July 1st. The IPO sold as high as $20.98 before closing its opening day at $20.02 — UP 25.1 percent from its initial offering price.
 
For Tech, It’s 110 in the Shade
When taking a look at IPOScoop.com’s 2009 Pricings table, the majority of this year’s IPOs are technology — seven of the 15 companies that have gone public so far in 2009. And their IPOs are among the year’s top performers:
  • Changyou.com Limited (NASDAQ: CYOU), a China-based online game provider, priced its IPO of 7.5 million shares at $16 each on March 31, 2009. It closed on Thursday, July 2, 2009, at $39.80 — UP 148.8 percent from its initial offering price. (Thursday’s close is relevant because the U.S. financial markets were shut on Friday for the Independence Day holiday.) 
  • Rosetta Stone (NYSE: RST), an Arlington, Virginia-based provider of language learning software, priced its IPO of 6.3 million shares at $18 each on April 15, 2009. It closed on Thursday, July 2, 2009, at $27 — UP 50 percent from its initial offering price. 
  • OpenTable (NASDAQ: OPEN), a San Francisco-based service provider enabling its users to make restaurant reservations online, priced its IPO of 3 million shares at $20 each on May 19, 2009. It closed on Thursday, July 2, 2009, at $29.38 — UP 46.9 percent from its initial offering price.
Last week’s LogMeIn was just the latest technology IPO to make a splash in the marketplace.
 
There nothing like success to breed interest in more IPOs from the same industrial sector. So you can bet the bankers are burning the midnight oil lining up more tech companies to go public.
 
Until then, stay tuned.
 
Stay in the loop with the IPOScoop
For paid subscribers: To keep up to date on what’s “hot” on the IPO calendar and what isn’t, please log in using your user name and password to check the latest SCOOP ratings. Also, you will receive the IPO Alert e-mails to notify you of pending pricings and any SCOOP rating changes. 
 
(Note: The SCOOP in IPOScoop is the acronym for (Wall) Street Consensus of Opening Premiums.) 
 
For others: Stay in the loop with IPO Scoop – don’t miss out on the action — we invite you to sign up for a 30-day free trial subscription. There is no obligation and you can cancel at any time.