Appian up more than 35% after IPO

Published 05/25/2017, 12:44 PM
© Reuters.  Appian up more than 35% after IPO
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  • Enterprise software company Appian (Pending:APPN) had priced 6.25 million shares at $12 for a $75M IPO. Shares are currently trading hands at more than $16.
  • Appian sells a development platform that makes it possible for businesses and government departments to create custom applications with a minimal amount of code. Appian had 280 clients at the end of last year including the U.S. Treasury Department, Major League Baseball, and Bacardi.
  • Appian has struggled with profitability, but revenue has grown from $111.2M in 2015 to $132.9M in 2016. The company reported a $12.5M net loss in 2016. The IPO money will go towards working capital, general operations, and loan payoffs.
  • Competitors were also moving with Salesforce (NYSE:CRM) up 1.6% and ServiceNow (NYSE:NOW) up 1.2% mid-day.
  • Now read: Salesforce.com: Another Quarter, Another Beat, And Another Yawn


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