AppFolio Shares Surge In Nasdaq Debut

(RTTNews) - Shares of AppFolio, Inc. (APPF) surged in their trading debut on the Nasdaq Global Market Friday following the company's initial public offering.

AppFolio priced its IPO of 6.2 million shares of its Class A common stock at $12.00 per share, the low end of the previously estimated price range of $12.00 to $14.00 per share.

The company has also granted the underwriters a 30-day option to purchase up to an additional 930,000 shares of its Class A common stock to cover over-allotments, if any.

Goleta, California-based AppFolio makes cloud-based software for small and medium-sized businesses in the property management and legal industries.

For the three months ended March 31, 2014 and 2015, the company's revenue was $9.8 million and $15.8 million, respectively, representing a growth of 61%. It increased its employee headcount from 254 employees as of December 31, 2013 to 377 employees as of December 31, 2014 and to 430 employees as of March 31, 2015.

AppFolio shares are currently trading at $13.94 after trading as high as $14.21 and as low as $12.11 earlier in the session.