Property Management Software Maker AppFolio Files for IPO

AppFolio, 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.

The company was founded in 2006 by Klaus Schauser, a former professor of computer science at the University of California, and Jon Walker.

The software market for small and medium-sized businesses is expected to double to $125 billion between 2013 and 2016, according to research firm Parallels.

The regulatory filing had a nominal fundraising target of $100 million but did not state how many shares the company or its shareholders planned to sell or their expected price.

AppFolio intends to list its class A common stock on the Nasdaq under the symbol “APPF.”

Fitness business software firm Mindbody also filed for an IPO last week.

The amount of money a company says it plans to raise in its initial IPO filings is used to calculate registration fees. The final size of the IPO could be different.

(Reporting by Neha Dimri in Bengaluru; Editing by Don Sebastian)

This article originally appeared on Recode.net.