AppFolio (APPF) Stock Trading Higher in IPO Debut

NEW YORK (TheStreet) -- Shares of AppFolio (APPF) are trading higher in its initial public offering debut Friday on the NASDAQ Global Market.

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.

Morgan Stanley & Co. (MS) and Credit Suisse Securities (CS) are acting as joint book-running managers for the offering. 

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. 

APPF Price ChartAPPF Price data by YCharts

If you liked this article you might like

Rev's Forum: 5 Stocks That Look Good in This Bullish Market

5 Stocks Insiders Are Scooping Up Right Now

Jim Cramer's 'Mad Money' Recap: Here Are the Stocks You Could've Picked Off Cheap