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: [[ticker: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: [[ticker: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.

Author: Benjamin Romano

Benjamin is the former Editor of Xconomy Seattle. He has covered the intersections of business, technology and the environment in the Pacific Northwest and beyond for more than a decade. At The Seattle Times he was the lead beat reporter covering Microsoft during Bill Gates’ transition from business to philanthropy. He also covered Seattle venture capital and biotech. Most recently, Benjamin followed the technology, finance and policies driving renewable energy development in the Western US for Recharge, a global trade publication. He has a bachelor’s degree from the University of Oregon School of Journalism and Communication.