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.
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.