US-based cloud business management software provider went public on Friday in a $96m initial public offering that allowed networking equipment provider Cisco to exit.
Apptio issued six million shares on Nasdaq priced at $16.00 each, and the IPO’s underwriters have a 30-day option to buy up to 900,000 more shares, which would increase the size of the offering to $110.4m.
Apptio has built a cloud-based platform and software suite that combines analytics, planning workflows and modelling capabilities to help businesses make data-supported strategic and operational decisions.
The company had raised $136m in funding since it was founded in 2007, Cisco having invested as part of a $20m round in 2010 also backed by Andreessen Horowitz, Greylock Partners, Madrona Venture Group and Shasta Ventures.
Cisco held a stake sized at less than 5% prior to the IPO. Apptio’s largest shareholder remains co-founder and CEO Sunny Gupta, who owns an 18.7% stake and a further 5.9% through a family trust.
Other notable Apptio shareholders include Madrona (16.3%), Greylock (16.2%) and Shasta (9.3%), while Janus Capital, Hillman Company, Andreessen Horowitz and T. Rowe Price Associates have also invested in the company.
Apptio’s stock opened at $23.40 on its first day of trading and closed at $22.55, representing a 41% rise on its share price. It had initially set a $13 to $15 range for the IPO.
Goldman Sachs, JP Morgan Securities and BofA Merrill Lynch are joint lead bookrunners for the offering, while Barclays Capital, Jefferies, RBC Capital Markets and Pacific Crest are also bookrunners.