Rapid7 Inc. (NASDAQ: RPD) announced the pricing for its initial public offering (IPO) and then entered the market Friday morning. Shares originally priced at $16 apiece, just above of the expected price range of $13 to $15. At that price, the entire offering of roughly 7.418 million shares, including the overallotment option of 967,500 shares is valued at $118.68 million.

The underwriters for the offering were Morgan Stanley, Barclays, Pacific Crest, William Blair, Raymond James and Cowen.

The company is a provider of security data and analytics solutions that enable organizations to implement an active, analytics-driven approach to cybersecurity. The security data and analytics platform was purpose-built for an increasingly complex and chaotic IT environment.

The proliferation of mobile devices, cloud-based applications and solutions relying on user credentials have eliminated the boundaries that previously defined an organization’s network perimeter and expanded the threat surface that organizations must now defend. According to Rapid7, its balanced and analytics-focused approach ultimately better secures organizations’ environments and reduces the likelihood of, and risks associated with, cyberattacks.

Recently cybersecurity companies have gained in popularity as sophisticated cyberattacks have become more prevalent. Target and Home Depot are two companies where the effect was devastating. Other major players in the cybersecurity industry include FireEye Inc. (NASDAQ: FEYE) and CyberArk Software Ltd. (NASDAQ: CYBR).

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In terms of its financials, Rapid7 noted in a recent SEC filing that:

As of March 31, 2015, we had more than 3,900 customers, including over 30% of the organizations in the Fortune 1000. We have experienced strong revenue growth with revenue increasing from $31.0 million in 2011 to $76.9 million in 2014, representing a 35% compound annual growth rate. We have strong visibility to our revenue as 53% of the revenue recognized in 2014 was recorded on our balance sheet as deferred revenue as of December 31, 2013 and 85% of the revenue recognized in the first quarter of 2015 was recorded on our balance sheet as deferred revenue as of December 31, 2014. We incurred a net loss of $32.6 million in 2014 as we continued to invest for growth given our large market opportunity.

Shares of Rapid7 shot out of the gate Friday morning, up more than 70%. As of early afternoon, the range on the day so far was $25.00 to $27.45, and more than 8 million shares had moved on the day.

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