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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.

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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