The stock opened for trading at $12.15 after pricing its initial public offering of 6.2 million shares of its Class A common stock at a price to the public of $12 per share. It was at the low end of the expected $12 to $14 range.
AppFolio granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of its Class A common stock.
For the year ended December 31, 2014, AppFolio raked in revenue of $47.7 million, an 80% growth from the year prior.
For the three months ended March 31, 2015, revenue came in at $15.8 million, which represents a growth of 61% from the prior quarter.
Goleta, Calif.-based AppFolio is a provider of cloud-based software solutions for small and medium-sized businesses in the property management and legal industries or verticals.
The company's mobile-optimized software solutions have an interface across multiple devices, allowing customers to work at any time and from anywhere.