Enterprise software maker Appian (APPN) priced their IPO at $12 yesterday and it traded to $15. It's a solid deal and still has more upside based on our IV model below. However, we take issue with many of their rather bold claims about their technology and where it fits. Our original notes are below along with some added segments of the APPN annotated IPO roadshow transcript to illustrate more of our differences.
Appian is a “low code” application development platform that exploits modern architectures . . .

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