Security company Barracuda Networks made a cool $75 million today after a fairly quiet initial public offering ahead of Twitter’s much louder IPO event tomorrow.
Barracuda networks application, data, and general network security through a number on-premise devices made for enterprises. More specifically, it offers a firewall, e-mail security service, virus protection, web filters, and more. It also offers a number of subscription-based cloud services, which Bizjournals notes is where Barracuda makes the majority of its revenue.
The company went public on the New York Stock Exchange under the ticker symbol CUDA.
Barracuda Networks offered 4.1 million shares at $18 a share — the low end of its price range. The stock seemed to do well in trading. It popped, opening at $22.20 a share. Throughout the day it dropped to $20.78 a share and hit a high of $23.80 a share. It closed at $21.55.
Comparatively, Palo Alto Networks, which creates firewall security solutions, made $269 million after pricing its 6.2 million offered shares on the high end. The company went public in July 2012, showing that the markets still had faith in Silicon Valley IPOs following Facebook’s embarrassing May 2012 IPO.
This is one of three major security IPOs in the last three years, joining Qualys and Palo Alto Networks. While Barracuda is operating at a loss, this doesn’t mean the company is without promise. It security firm obviously expects to be making money in an industry that affects every company that uses the Internet today.
At the end of the day, Barracuda Networks’ share price closed over 19 percent. The company’s stock is currently down less than 1 percent in after-hours trading.