With two tech companies already set to launch their IPOs this week, another tech company has filed for an IPO, on Monday, May 18, 2015, with the SEC. AppFolio is most known for its web-based real estate property management system. That allows property managers to market and manage their portfolio. It includes accounting and property management functions with the ability to email work-orders, owner statements and resident communications. AppFolio are hoping to raise up to $100 million from this IPO. This IPO update is courtesy of Reuters Canada’s article, “Property management software maker AppFolio files for IPO“, with ab excerpt below.
AppFolio Inc, a maker of online property management software, filed with U.S. regulators on Monday for an initial public offering of common stock.
Morgan Stanley, Credit Suisse, Pacific Crest Securities and William Blair are underwriters to the IPO.
The California-based company, whose investors include BV Capital and IGSB, provides software to small and medium-sized property managers and also offers legal software for small law firms under the brand “MyCase”.
AppFolio’s revenue rose 61 percent to $15.8 million for the quarter ended March 31. Net loss widened to $3.6 million from $1.2 million a year earlier.
To read more on the AppFolio IPO filing, click here.