Software Startup Appian Goes Public

Appian went public yesterday with an IPO priced at $12 per share, raising $75 million.

Appian (NASDAQ: APPN) is a provider of modern business process management solutions and says it has helped transform the businesses of more than 3.5 million users worldwide. Appian provides a low-code software development platform that enables organizations rapidly to develop powerful, unique applications.

The company revealed that the principal purposes of this offering are to increase its financial flexibility, create a public market for its  common stock, and facilitate future access to capital markets. Although Appian has  not yet determined how it will allocate the net proceeds of the offering, the company expects to use some of the proceeds for working capital and other general corporate purposes. Approximately $20 million of the proceeds will be used to pay outstanding principal and interest under a term loan to Silicon Valley Bank, and another $7.4 million of the proceeds will be used to pay a cash dividend to the holders of the company’s Series A preferred stock.