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Apigee pops 17% in Nasdaq debut after raising $87M in IPO

Apigee pops 17% in Nasdaq debut after raising $87M in IPO

Apigee hits the opening bell at the Nasdaq in New York on April 24.

Apigee hits the opening bell at the Nasdaq in New York on April 24.

Above: Apigee hits the opening bell at the Nasdaq in New York on April 24.

Image Credit: Nasdaq Twitter
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Apigee, a company with software for predictive analytics and management of application programming interfaces (APIs), debuted today on the Nasdaq under the symbol APIC, with the stock opening at $20 per share, up 17 percent from the $17 price at which it sold shares in its initial public offering (IPO).

All told, Apigee raised nearly $87 million in its IPO, after selling 5,115,000 stock shares, according to a statement from the company.

Predictive analytics has been a ripe area for funding and acquisitions in the past several years. And as companies have moved to externalize their services and data for developers to use in their own apps, API creation, monitoring, and security have become important. Intel acquired API management company Mashery in 2013.

Apigee, for its part, started in 2004 and is based in San Jose, California. The company employed 404 people as of March 31, according to an updated S-1 document on file with the U.S. Securities and Regulatory Commission.

Apigee’s IPO today follows several other tech IPOs in the past few months, including Box, Hortonworks, New Relic, Workiva, and most recently Etsy.

In April 2014 Apigee announced a $60 million funding round. The company’s investors include Pine River Capital Management, Wellington Management Co., Bay Partners, Norwest Venture Partners, SAP Ventures, and Third Point LLC, as well as funds managed by Accenture, BlackRock, and Focus Ventures.

Last year Apigee acquired predictive analytics startup InsightsOne.


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