Updated from 12:54 p.m. EST

Two wireless issues came public Friday with the same spectacular splash that has left investors awash in money from the surging initial public offering

market.

724 Solutions

(SVNX)

soared 45 13/16 to 71 13/16, surpassing the doubling mark that investors have become accustomed to in recent days.

interWAVE Communications

(IWAV)

, another issue in wireless, followed the stellar act Friday, closing up 183%, or 23 13/16, to 36 7/8.

724 Solutions more than doubled its initial offering price to $26 after seeing other hot IPOs

like

Neoforma

(NEOF)

and

Extensity

(EXTN) - Get Report

skyrocket to the moon earlier this week. Nevertheless, investors rushed to grab a new issue in the wireless convergence market.

The Toronto-based company's systems are integrated with those of banks to offer online banking and financial services over cell phones, personal digital assistants and other wireless devices.

724 Solutions, together with lead underwriter

Credit Suisse First Boston

, raised $156 million through 6 million shares.

Gregory Wolfond, chairman and chief executive officer of 724 Solutions, left

IBM

(IBM) - Get Report

to start the company in 1997. Wolfond turned a nice profit on his own financial services software company,

Footprint

, by selling it to IBM in 1995.

724 Solutions' customers include large financial institutions like

Bank of America

(BAC) - Get Report

,

Bank of Montreal

(BMO) - Get Report

, Finnish telecom

Sonera

(SNRA)

and

Citigroup

(C) - Get Report

.

interWAVE Communications makes compact wireless systems for voice and data communications used in small networks of college campuses to large telecommunications equipment-makers products.

The Hamilton, Bermuda-based company raised $104 million through 8 million shares with lead underwriter

Salomon Smith Barney

.

Telecom equipment powerhouse

Nortel Networks

(NT)

accounts for half of interWAVE's sales and owns 24% of the company. France's

Alcatel

is also a customer and minority shareholder.