Apptio’s stock closed up 41 percent Friday in the Bellevue technology company’s first day of trading.
Apptio’s stock popped up 41 percent Friday in the Bellevue technology company’s first day of trading.
Apptio raised about $96 million in its public debut — a hotly anticipated move for the 9-year-old company that has raised at least $136 million from investors throughout its life.
Apptio priced its shares at $16 each, above its expected range of $13 to $15, and closed its first day of trading up $6.55 at $22.55. It trades on Nasdaq under the ticker APTI.
“This was always our vision,” CEO Sunny Gupta said in an interview Friday. “The IPO is a next step, not the end goal.”
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Reports of Apptio’s impending initial public offering had circled for years and seemed to solidify in summer 2015 when The Wall Street Journal reported the company had made agreements with several banks to prepare for the IPO. Apptio filed plans to become a public company in August,
Apptio’s cloud-based technology helps companies manage finances and usage around information technology systems. The idea is to bring greater understanding to critical IT systems that form the backbone of many businesses.
Apptio’s software tracks which departments are using which services, and helps IT administrators track the costs of each system.
The company, with about 700 employees, is led by entrepreneur Gupta, who co-founded Apptio in 2007. It reported revenue of $129.3 million in 2015. That figure grew 75 percent since 2013, when Apptio reported revenue of $73.8 million.
Losses have grown as well – from $23.7 million in 2013 to $41 million in 2015.
Apptio is the region’s second technology company to go public this year. The first was radio-frequency technology company Impinj in July.
A small biotech, PhaseRx, also went public earlier this year.