Software company Appian hit the public market on Thursday with a $75 million initial public offering, amid a resurgence of technology IPOs.
Shares closed more than 25 percent higher on Thursday at just over $15 a share.
The enterprise tech firm priced its 6.25 million share offering at $12 per share, in line with the expected range of $11 per share to $13 per share. Shares were listed on the Nasdaq Global Market under the symbol APPN.
Appian helps make it easier for companies to build unique applications and automate their businesses with a "low-code" development software platform. Its 280 clients include 37 Fortune 500 companies, and a sizable chunk of federal agencies, according to Appian's regulatory filings.
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The company, backed by investors like Novak Biddle Venture Partners, posted revenue of $132.9 million last year, up from $111.2 million in 2015. But overall, the business ended the year with a net loss of $12.5 million, wider than the $7 million loss the prior year.
Appian's main rivals are Salesforce and ServiceNow, both established players in the enterprise technology arena — a risk to Appian's profitability. Another risk is that the company's federal government clients could see funding cuts and terminate their contracts, Appian said.
Appian's the latest in a string of enterprise technology companies — including Cloudera, MuleSoft, Yext, Okta and Alteryx — to go public this year, after a dearth of IPOs in 2016. There have been 62 IPOs of $50 million market capitalization or more priced in the U.S. this year, a 100 percent increase from last year, according to Renaissance Capital research.