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Cloud IPO Apptio Soars In Market Debut

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Cloud IPO Apptio Soars In Market Debut

Cloud-based tech company Apptio Inc (NASDAQ: APTI) officially launched its IPO Friday, and shares were seen soaring over 44 percent on its first day of trading.

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.

Related Link: 7 IPOs Coming To Market By Week's End

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

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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 (NASDAQ: MSFT), The Coca-Cola Co (NYSE: KO), Boeing Co (NYSE: BA) and Cisco Systems, Inc. (NASDAQ: 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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