Investors Bid Up Apptio Shares in Market Debut

Apptio priced its shares at $16, raising $96 million in an initial public offering. The Bellevue, WA-based IT company’s shares, trading on the Nasdaq under the ticker symbol APTI, were up about 42 percent in early afternoon trading Friday.

The IPO price was above the $13 to $15 anticipated range the company disclosed last week. It has also granted its underwriters a 30-day option to purchase 900,000 additional shares at the offering price.

Apptio (NASDAQ: APTI), which helps corporate leaders track and manage their IT spending, filed to go public in late August. It’s the second Seattle-area venture-backed tech company to sell shares to the public this year, following Impinj. There hadn’t been a tech IPO from the region since 2014.

Impinj (NASDAQ: PI), which makes RFID technology, has seen its share price more than double since its July market debut at $14. It was trading at $34.13 mid-afternoon Friday.

Apptio’s IPO filings revealed a company with significant, fast-growing revenues—$75.6 million through the first half of 2016—but also with mounting losses. Nine-year-old Apptio’s accumulated deficit was $183.7 million as of June 30.

Apptio co-founder and CEO Sunny Gupta is pictured above at the opening of trading on the Nasdaq.

Trending on Xconomy