Barracuda Networks, which provides easy-to-use security, spam-filtering and storage systems, announced terms for its IPO on Wednesday. The Campbell, CA-based company plans to raise $81 million by offering 4.1 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Barracuda Networks would command a fully diluted market value of $1.0 billion.
Barracuda Networks, which was founded in 2003 and booked $218 million in sales for the 12 months ended August 31, 2013, plans to list on the NYSE under the symbol CUDA. Barracuda Networks initially filed confidentially on July 29, 2013. Morgan Stanley, J.P. Morgan and BofA Merrill Lynch are the joint bookrunners on the deal.
