Shares of Imperva (NYSE:IMPV) jumped nearly 40 percent today as the data security firm made its debut as a public company, opening at $23 a share and topping $25 during trading.
The company raised approximately $90 million through offering 5 million shares at $18 on the NYSE, netting just over $85 million. The company originally planned to price the IPO between $14 and $16 but decided to price shares higher. Redwood Shores, California based Imperva has yet to turn a profit, but is experiencing rapid growth and demand for its products.
The company provides data security solutions for businesses and claims over 1,500 end-user customers and thousands of organizations as customers.
Imperva sells its products and services mainly through a network of over 350 channel partners. The company generated net revenue of $55.4 million in 2010, and generated net revenue of $55.0 million in the nine months ended September 30, 2011, an increase of 43.2%.
The company has been funded by Accel Partners, Meritech Capital Partners, Greylock Partners, U.S. Venture Partners, and Venrock Associates.
J.P. Morgan Securities and Deutsche Bank Securities acted as joint book-running managers for the offering. RBC Capital Markets, Lazard Capital Markets and Pacific Crest Securities acted as co-managers.
