API software platform Apigee updates its IPO, adds share price of $16 to $18


API software platform Apigee has updated its IPO filing, setting the price of its shares from $16 to $18, following the original filing of its IPO back at the end of March. Stock market watchers expect Apigee’s IPO to be the largest to come out of its San Jose home in several years.

According to forecasts, if Apigee reaches the midpoint for its shares, it’ll raise $87m, with a total market capitalization of $494m. However, if it can achieve the maximum $18, that cap could increase to $523m. It’s selling 5.1 million shares.

Apigee’s API services are used by some high profile companies, 20% of which are listed in the Fortune 100, and six of the top ten telecoms businesses in the world. It has so far received $170m in funding, from investors such as Bay Partners, and Norwest Venture Partners. Morgan Stanley and Credit Suisse Securities are joint book running managers for Apigee’s IPO.

The company was formed in 2004, and recorded $62m in sales during 2014. The IPO pricing will start on April 20, and it’ll be listed on NASDAQ under the APIC code.