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Apptio CEO Sunny Gupta at the company's HQ in Bellevue
Apptio CEO Sunny Gupta at the company’s HQ in Bellevue.

Bellevue-based Apptio has set the stock price for its initial public offering at $16 per share, above the expected range of $13 to $15 per share.

In a press release, Apptio did not include the total amount that the company is seeking to raise from the IPO, but based on the six million shares of Class A stock offered, the figure would be somewhere around $96 million.

If underwriters exercise their options on 900,000 shares, the total offering could top $100 million.

The company, which makes software to help CIOs better understand spending in IT departments, will likely start trading on Friday morning — a stock debut that comes after several years of Apptio positioning for an IPO. In an SEC filing earlier this month, Apptio said it expected to raise $74.8 million, based on a share price of $14.

Apptio, which will trade on the Nasdaq Stock Market under the symbol APTI, is the second technology company from the Seattle area to go public this year, following in the footsteps of RFID software and chip maker Impinj. Founded 16 years ago, Impinj went public at $14 per share last month, and it is now trading at close to $34 per share.

Both Apptio and Impinj are backed by Seattle venture capital firm Madrona Venture Group. Madrona is the largest outside shareholder in Apptio, holding a 16.7 percent stake. Apptio CEO and co-founder Sunny Gupta held 18.7 percent of the company at the time of the pricing of the IPO. The 46-year-old Gupta previously co-founded iConclude, which sold to Opsware in 2007.

This week is considered to be the busiest week for IPOs this year, with the largest of the bunch being motor oil and automative lubricant producer Valvoline. However, it has been a relatively slow year for public offerings. Just 68 companies have priced IPOs in the U.S. so far this year, down from 134 IPOs at this time last year, according to Renaissance Capital’s

Apptio employed 694 people as of June 30, 2016, up from 628 during the same period last year. The company finished 2015 with $129.3 million in revenue, a 21 percent increase over the 2014 totals of $106.6 million. It also said that it has 325 customers, including 40 percent of the Fortune 100 companies, using its products.

Even though revenues have topped $100 million for the past two years, losses also are growing, and the company has yet to turn a profit. In 2015, Apptio showed a net loss of $41 million, which compared to a net loss of $32.9 million in 2014.

Even so, Apptio is bullish on its prospects.

“Our cloud-based platform and SaaS applications enable IT leaders to analyze, optimize and plan technology investments, and to benchmark their financial and operational performance against peers,” the company wrote in its SEC filing. “We empower IT leaders to transform IT into a service provider, to navigate the cloud transition, and to shift technology resources to drive more business innovation.”

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