CyberArk Software Ltd. (NASDAQ: CYBR) entered the market Wednesday morning. Shares were originally priced for its initial public offering at $16.00, and a total of 5.36 million shares were offered. An additional 804,000 ordinary shares have been granted to the underwriters for a 30-day period to cover overallotments — and those have likely already been committed. The underwriters for the offering were J.P. Morgan, Deutsche Bank, Barclays, William Blair, Nomura and Oppenheimer.

CyberArk offers a new layer of IT security solutions that protects organizations from cyberattacks that have made their way inside the network perimeter to strike at the heart of the enterprise. CyberArk has its primary focus on protecting privileged accounts, which have become the primary target of cyberattacks.

The Home Depot and Target hacks within the past year have signaled an increased demand for cybersecurity firms as hackers across the globe become more sophisticated.

Compared to competing cybersecurity firms, CyberArk offers a physical global presence as well. The company’s global headquarters is located in Israel, with a U.S. headquarters in Newton, Mass., and other offices located throughout Europe, the Middle East, Africa and Asia-Pacific.

CyberArk shares opened at $25.00 out of the chute, which was a gain of 56% from the original pricing of $16.00. Since this entrance, CyberArk shares have fallen to $22.12 just before the noon hour, and more than 10 million shares had traded hands right at noon.

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CyberArk’s IPO filing showed that it still has much market penetration that can be made. The filing said:

As of June 30, 2014, we had over 1,550 customers, including over 35% of the Fortune 100 and approximately 15% of the Global 2000. We define a customer to include a distinct entity, division or business unit of a company. Our customers include leading enterprises in a diverse set of industries, including energy and utilities, financial services, healthcare, manufacturing, retail, technology and telecommunications, as well as government agencies. We sell our solution through a high touch, channel fulfilled hybrid sales model that combines the leverage of channel sales with the account control of direct sales, and therefore provides us with significant opportunities to grow our current customer base.

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