Apptio CEO: Now the right time for IPO

It’s been a slow year for initial public offerings. In fact, it has been the weakest on record since the financial crisis of 2008. But the sickly IPO market is finally showing signs of life. This week looks to be the busiest week for new issues all year, with September on track to be the most active month for all of 2016, according to Dealogic.

Among the new issues investors seemed eager to snap up in the last few days: Apptio. The tech company, which makes cloud software to help manage IT, surged more than 40% on its first day of trading. The Bellevue, Washington–based company sold 6 million shares for $16 a piece, above the marketed range of $13 to $15. Overall, the company raised $96 million.

Co-founder and CEO, Sunny Gupta, says that despite the trend of staying private longer, now was the right time for his company to go public. That said, he isn’t sure how many other tech companies will follow. He noted from Apptio’s roadshow that he learned the “bar is high” for IPOs right now. Apptio has not posted a profit yet, but its revenues climbed over 20% last year. The stock is listed on the Nasdaq, and its ticker is APTI.