AppFolio to price IPO of 6.2 million shares between $12.00 and $14.00

Morgan Stanley, Credit Suisse, Pacific Crest and William Blair assist

By Devika Patel

Knoxville, Tenn., June 15 – AppFolio, Inc. will sell 6.2 million class A common shares in its initial public offering with a 30-day greenshoe option of 930,000 additional shares, according to a Form S-1/A filed Monday with the Securities and Exchange Commission. The company has registered up to $99.82 million of stock for the deal.

The shares will be sold at a price expected to fall between $12.00 and $14.00 per share.

Morgan Stanley and Credit Suisse are the bookrunners. Pacific Crest and William Blair are the co-managers.

Proceeds will be used to repay $10 million of debt under the company’s credit facility with Wells Fargo Bank, NA and for research and product development, customer service, sales and marketing, hiring new personnel, to maintain and expand technology infrastructure and operational support and for general corporate and working capital purposes.

The Goleta, Calif., company develops cloud-based software. The company intends to list its common stock on the Nasdaq stock exchange under the symbol “APPF.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.