Cyber security company Barracuda's shares soar in debut

Wednesday, 6 Nov 2013 | 9:59 AM ET

Nov 6 (Reuters) - Shares of Barracuda Networks Inc, a data storage and security company, rose as much as 31 percent in their trading debut, valuing the company at about $1.18 billion.

The company raised about $75 million after its offering was priced at $18 per share, the low end of its expected price range.

The Campbell, California-based company sold 4.1 million shares.

Barracuda's shares opened at $22.20 and touched a high of $23.61 on the New York Stock Exchange on Wednesday.

Morgan Stanley, JPMorgan Chase and Bank of America Merrill Lynch were the lead underwriters.

(Reporting By Sruthi Ramakrishnan and Neha Dimri in Bangalore; Editing by Maju Samuel)

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