App software maker Apigee picks banks for IPO

New York

APIGEE, which develops software to manage Web applications, has selected banks for an initial public offering that could value it at more than US$700 million, according to people familiar with the matter.

The company is working with banks including Morgan Stanley, JPMorgan and Credit Suisse on the offering, which could come later this year, they said, requesting anonymity because the matter is not public. Representatives for Apigee, JPMorgan, Morgan Stanley and Credit Suisse declined to comment.