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Barracuda Networks (CUDA) IPO Opens Sharply Higher

November 6, 2013 9:51 AM EST Send to a Friend
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The IPO for Barracuda Networks, Inc. (Nasdaq: CUDA) opened for trading at $22.20 after pricing 4,140,000 shares at $18, the low end of the expected $18-$21 range.

Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC and BofA Merrill Lynch are acting as lead joint bookrunners for the offering. William Blair & Company L.L.C., Pacific Crest Securities LLC and JMP Securities LLC are acting as co-managers for the offering.

Financial summary from the company: For fiscal 2011, 2012 and 2013, and for the six months ended August 31, 2013, our gross billings were $191.3 million, $233.2 million, $264.2 million and $150.5 million, respectively. For fiscal 2011, 2012 and 2013, and for the six months ended August 31, 2013, our total revenue was $142.1 million, $160.9 million, $198.9 million and $114.1 million, respectively. We believe that the subscription nature of our solutions provides us with enhanced financial visibility. Subscription revenue for fiscal 2011, 2012 and 2013 and for the six months ended August 31, 2013 represented approximately 63%, 73%, 70% and 69% of our total revenue, respectively. For fiscal 2011, 2012 and 2013, and for the six months ended August 31, 2013, net income (loss) to Barracuda was $3.0 million, $0.6 million, $(7.4) million and $(4.6) million, respectively. For fiscal 2011, 2012 and 2013, and for the six months ended August 31, 2013, our free cash flow, adjusted for acquisition costs and other non-recurring charges, was $34.4 million, $35.4 million, $41.1 million and $11.0 million, respectively.

Barracuda designs and delivers powerful yet easy-to-use security and storage solutions.

Below is a pic of the NYSE today complete with the Barracuda banner (from NYSE):





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