AppFolio (APPF) IPO Opens Modestly Higher

Today's IPO for AppFolio (NASDAQ: APPF) opened for trading at $12.15 after pricing its initial public offering of 6,200,000 shares of its Class A common stock at a price to the public of $12 per share, the low end of the expected $12-$14 range.

In addition, AppFolio has granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of its Class A common stock to cover over-allotments, if any.

Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offering. Pacific Crest Securities, a division of KeyBanc Capital Markets Inc., and William Blair & Company, L.L.C. are acting as co-managers for the offering.

Appfolio provides industry-specific, cloud-based software solutions for small and medium-sized businesses, or SMBs, in the property management and legal industries, or verticals.

For the years ended December 31, 2013 and 2014, revenue was $26.5 million and $47.7 million, respectively, representing year-over-year growth of 80%. For the three months ended March 31, 2014 and 2015, revenue was $9.8 million and $15.8 million, respectively, representing period-over-period growth of 61%.

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