Software company Appian hit the public market on Thursday with a $75 million IPO, amid a resurgence of technology IPOs.
Shares climbed more than 25 percent on Thursday morning, over $15 a share.
The enterprise tech firm priced its 6.25 million share offering at $12 per share, in line with the expected range of $11 per share to $13 per share. Shares were listed on the NASDAQ Global Market under the symbol APPN.
Appian helps make it easier for companies to build unique applications and automate their businesses with a “low-code” development software platform. Its 280 clients include 37 Fortune 500 companies, and a sizable chunk of federal agencies, according to Appian’s regulatory filings.
The company, backed by investors like Novak Biddle Venture Partners, posted revenue of $132.9 million last year, up from $111.2 million in 2015. But overall, the business ended the year with a net loss of $12.5 million, wider than the $7 million loss the prior year.
Appian’s main rivals are Salesforce and ServiceNow, both established players in the enterprise technology arena — a risk to Appian’s profitability. Another risk is that the company’s federal government clients could see funding cuts, and terminate their contracts, Appian said.