AppFolio Climbs 17% After IPO Friday

AppFolio (APPF), providers of cloud-based property management software, had its initial public offering Friday, raising $74 million after pricing 6.2 million shares at $12. Stocks jumped 15% after the opening bell, reaching a high of $14.08 by the close. The company is listed on the NASDAQ. [Update: As of Saturday evening, the stock is up after hours, to $14.29. On Friday, the highest trade was at $14.79.]

AppFolio’s main product is a line of software and mobile applications that offer cloud-based solutions for property managers and landlords. With AppFolio products, property owners can offer online leasing applications, lease signing, and rent payment. The company also provides owners with customizable website and advertising templates. Additionally, owners can manage bank statements, payments, and spending reports through AppFolio’s accounting software.

The software also works on the renter’s side, providing online work order forms. The company has also expanded into legal software, acquiring a company called MyCase in 2012. MyCase is a very similar cloud-based system geared towards lawyers and firms. Users can manages cases, bill clients, and create calendars using a mobile application.

APPF is yet another in a recent wave of companies going public. By month’s end, June could see a total of 37 IPOs. A Zacks report earlier this week highlighted this new trend, specifically focusing on tech IPOs like AppFolio.