Cloud IPO Apptio Soars In Market Debut

Initially priced at $16, Apptio went as high as $24.60 on the day.

Goldman Sachs and JPMorgan were the lead underwriters for the Bellevue, Washington-based company, also backed by VC Funds' Andreesen Horowitz and Greylock Partners.

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The Seattle Times called Apptio "the region's next big tech company" in 2013.

Apptio develops business management software that enables CIOs to run their companies' technology department as a business.

"Every business is powered by technology, and technology budgets are rising, there is 2.7 trillion spent on technology today spent worldwide," said Apptio CEO Sunny Gupta in a recent appearance on CNBC.

Apptio has over 250 customers, many Fortune 500 companies and Dow Jones Components, including Microsoft Corporation MSFT, The Coca-Cola Co KO, Boeing Co BA and Cisco Systems, Inc. CSCO.

"CIOs are managing the business of technology on spreadsheets Apptio's cloud based applications provide transparency, planning, and benchmarking into technology spending," Gupta said of the newly public company.

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