Snort IDS Vendor Sourcefire Goes Public

Sourcefire had its long-awaited initial public offering Friday, as shares of the Columbia, Md.-based network security software vendor debuted at $15 per share.

Sourcefire is selling 5.32 million shares of common stock and expects to raise around $71.8 million, the company said in a statement. Morgan Stanley is the sole book-running manager for the Sourcefire IPO, with Lehman Brothers acting as co-lead manager.

Sourcefire, which oversees commercial development of Snort, the open-source intrusion detection system, last October filed for a $75 million initial public offering. The open-source Snort IDS software works with Linux, Unix and Windows platforms and is used in U.S. Department Of Defense networks, as well as many large enterprises.

The vendor is also giving underwriters the option to buy up to 865,500 additional shares of common stock to cover overallotments, Sourcefire said in a statement.

In October 2005, Sourcefire agreed to be acquired by Israel-based Check Point Software Technologies for $225 million, but the deal was later scuttled by government regulators, reportedly over national security concerns.

Shares of Sourcefire, which are listed on the Nasdaq under the name 'FIRE,' were up 45 cents at $15.88 Friday in midday trading.