|Barracuda raises $74M from IPO of 4.14M shares||| Print ||
|Written by Associated Press|
|Wednesday, 06 November 2013 07:42|
CAMPBELL, Calif. (AP) — Barracuda Networks Inc. has raised more than $74 million from an initial public offering of 4.14 million shares.
The cloud-based security and storage services provider said Wednesday that the offering priced at $18 per share. That's at the low end of the expected price range of $18 to $21 per share.
Barracuda is giving the underwriters a 30-day option to buy up to an additional 621,000 shares to cover any excess demand.
The Campbell, Calif., company said in a regulatory filing that it plans to use the offering's net proceeds mostly for capital expenditures and general corporate purposes, including working capital, sales and marketing activities, product development and general and administrative matters. It may also use part of the proceeds for acquisitions or investments.
For the year ended Feb. 28, Barracuda reported a loss of 9.2 million on revenue of $198.9 million. In the previous year it reported a profit of $466,000 on revenue of $160.9 million.
The stock is expected to start trading on the New York Stock Exchange on Wednesday under the "CUDA" ticker symbol.
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