Barracuda Networks Inc. (NYSE: CUDA) is solid player in cloud-connected security and storage solutions. It is also debuting in trading on Wednesday, as this is the initial public offering. The company sold 4,140,000 shares of its common stock at $18.00 per share, and the good news is that every share being sold is offered by Barracuda rather than venture backers.

Note that the price range of this initial public offering was $18 to $21 as recently as the amended S-1 filing with the Securities and Exchange Commission on November 5. That was the same price range telegraphed in October, so Barracuda is coming public with a price at the low-end of its anticipated price range.

The book runners in the offering were Morgan Stanley, J.P. Morgan Securities and Bank of America Merrill Lynch. William Blair & Co., Pacific Crest Securities and JMP Securities were all listed as co-managers in the syndicate. These underwriters have been given an overallotment option to purchase up to an additional 621,000 shares of common stock.

Barracuda claims to have sold its solutions to more than 150,000 customers located in more than 100 countries. Be advised that a very small portion of the shares are being sold. The prospectus showed some 50,019,343 shares would be outstanding after the offering. Venture backers Francisco Partners and Sequoia Capital will still own just over 40% of Barracuda Networks after the initial public offering.

At 10:20 a.m. EST, we have seen 4.4 million shares traded and the stock was up at $22.85, with a listed opening price of $22.20 and trading range of $22.20 to $23.80.

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