NEW YORK (TheStreet) -- Shares of AppFolio (APPF - Get Report) 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. 

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