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(Reuters) - Software developer Apigee Corp said its initial public offering has been priced at $17 per share, the midpoint of an expected range of $16-$18.
The price means the company will raise about $87 million from the IPO of 5.1 million shares, and it values the company at about $494.5 million.
The San Jose-based company develops products such as Apigee Edge and Apigee Insight, which provide tools to help companies manage their Internet applications and data.
The company's shares are expected to start trading on Friday on the Nasdaq under the symbol "APIC".
Apigee's IPO will follow the Wall Street listings of online storage company Box Inc and web-hosting company GoDaddy Inc.
Venture capital firm Norwest Venture Partners is Apigee's largest shareholder with a 26.2 percent stake. Bay Partners holds a 18.6 percent stake.
Apigee's revenue rose about 22 percent to $52.7 million in the year ended July 31, 2014. Its net loss widened to $60.8 million from $25.9 million, a year earlier.
Morgan Stanley (NYSE:MS), JPMorgan (NYSE:JPM) and Credit Suisse (SIX:CSGN) are among the underwriters for the offering.