Apptio, which provides enterprises with a cloud-based platform for managing IT investments, announced terms for its IPO on Monday.
The Bellevue, WA-based company plans to raise $84 million by offering 6 million shares at a price range of $13 to $15. At the midpoint of the proposed range, Apptio would command a fully diluted market value of $576 million.
Apptio was founded in 2007 and booked $143 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol APTI. Goldman Sachs, J.P. Morgan, BofA Merrill Lynch, Barclays, Jefferies, RBC Capital Markets and Pacific Crest are the joint bookrunners on the deal. It is expected to price during the week of September 19, 2016.
