By Melodie Warner
Cybersecurity company Imperva Inc.'s initial public offering of at least 5 million shares Tuesday priced at $18 apiece, above its expected range of $14 to $16.
The flotation comes after a glut of high-profile Internet sector debuts, including the IPOs of Internet radio company Pandora Media Inc. (P) and professional networking site LinkedIn Corp. (LNKD).
Imperva, in its prospectus, said it offers a "new category of data security" that homes in on visibility and control over business data within data centers. It said its SecureSphere suite of products protects against hackers and malicious insiders in database, file, web applications and various data-center systems.
The company, founded in 2002, has a history of losses, though revenue rose in both 2009 and 2010. In the first quarter, its loss narrowed slightly on higher revenue despite higher operating costs.
The company expects to trade on the New York Stock Exchange under the symbol IMPV.
The company has said if its majority-owned subsidiary, Incapsula Inc., reaches certain milestones, then Imperva is obligated to invest up to $7 million of the proceeds in the cloud-based security unit.source
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