Software developer Apigee Corp files for IPO

Reuters News
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Posted: Mar 20, 2015 7:47 AM

(Reuters) - Apigee Corp, a developer of software to manage Web applications, has filed with U.S. regulators for an initial public offering, looking to take advantage of interest in companies that offer Internet-related services.

Apigee's filing on Friday comes nearly two months after the successful listing of online storage company Box Inc and a day after Web-hosting company GoDaddy Inc's proposed IPO valued it at up to $2.87 billion.

Apigee develops products such as Apigee Edge and Apigee Insight, which provide tools to help companies manage their Internet applications and data.

The San Jose-based company focuses on software that helps connect applications on the Internet and provides services such as security and analytics for this technology.

Apigee, whose customers include AT&T Inc, eBay Inc and Adobe Systems Inc, acquired predictive analytics company InsightsOne in January last year.

Reuters reported in January that Apigee had selected banks for an IPO.

The software developer's larger rivals include International Business Machines Corp and Oracle Corp, according to its filing.

Venture capital firm Norwest Venture Partners is Apigee's largest shareholder with a 26.2 percent stake. Bay Partners holds a 18.6 percent stake in the company.

Apigee's revenue rose about 22 percent to $52.7 million in the year ended July 31. Net loss widened to $60.8 million from $25.9 million, a year earlier.

Apigee set a nominal fundraising target of $86.3 million for the offering. The filing did not detail the number of shares to be sold or their expected price.

The company plans to list its common stock on the Nasdaq under the symbol "APIC".

Morgan Stanley, JPMorgan and Credit Suisse are underwriting the IPO, the company said in the filing.

The target amount mentioned in a company's first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Kirti Pandey)