IPO Watch: Silicon Valley's Apigee Makes Market Debut

(RTTNews) - Shares of App development software maker Apigee Corp. (APIC) are surging in their trading debut on the Nasdaq Global Select Market Friday following the company's initial public offering.

The San Jose, California-based company priced priced its IPO of about 5.12 million shares of its common stock at $17.00 per share, which is the mid-point of its perviously estimated price range of $16.00 to $18.00 per share.

Apigee has also granted the underwriters a 30-day option to buy up to 767,250 additional shares from the company at the IPO price, less underwriting discounts and commissions, to cover over-allotments, if any.

Apigee shares are currently trading at $18.41 after trading as high as $20.50 and as low as $17.54 earlier in the session.

Apigee develops an application programmable interface (API) based software platform that enables digital connectivity and business insights. The company serves various customers in telecommunications, media and entertainment, financial services, retail, travel and hospitality, and healthcare and insurance industries in the United States, United Kingdom, and internationally. The company was formerly known as Sonoa Systems, Inc. and changed its name to Apigee Corporation in September 2010.

For the six months ended January 2015, the company recorded a net loss of $26.8 million on revenue of $32.6 million, compared to a net loss of $32.2 million on revenue of $23.4 million in the same period a year earlier.