Cloud software company Marin Software Inc. (NYSE: MRIN) held its initial public offering (IPO) this morning, and the shares priced at $14, above the projected range of $11 to $13. The company offered 7.5 million shares and the underwriters have a 30-day option on an additional 1.125 million shares. Shares opened at $19.

Marin provides a cloud-based digital advertising management platform that competes with similar offerings from Google Inc. (NASDAQ: GOOG), Adobe Systems Inc. (NASDAQ: ADBE) and other, privately held firms. The company lists Macy’s Inc. (NYSE: M), Apollo Group Inc. (NASDAQ: APOL), Expedia Inc. (NASDAQ: EXPE) and Symantec Corp. (NASDAQ: SYMC) among its customers and says it has business relationships with Baidu Inc. (NASDAQ: BIDU), Bing from Microsoft Corp. (NASDAQ: MSFT), Google, Facebook Inc. (NASDAQ: FB) and Yahoo! Inc. (NASDAQ: YHOO).

Once more, it appears that underwriters have left money on the table. The initial share price rise gives the brokers’ customers a nice profit, but the company ends up with less cash than it could have banked.

Shares are currently trading at $17.65, up about 26% over the offering price.

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