Updated from 2:14 p.m. EDT

Shares of

TyCom

(TCM)

, the world's biggest maker of undersea fiber optic cable, rose as much as 19% in its trading debut on Thursday, indicating that investors were not wildly excited about the offering.

The $1.95 billion issue finished Thursday regular trading up 4, or 13%, at 36.

The

initial public offering of 61 million TyCom shares was priced at $32 a share, higher than the $26 to $30 range, which had already been raised once, from $20 to $25. The number of shares on offer had been increased three times.

The exceptionally large offering may have been part of a reason for the Bermuda-based company's lack of a stronger opening-day pop. But another concern is the fact that TyCom, a spinoff of conglomerate

Tyco International

(TYC)

, will have to shell out a lot of capital before it makes a lot of money, even though it is already a profitable entity.

"The industry will be a moneymaker, but it's in the buildout phase," said Yusuf Haque, an analyst at financial portal

123Jump.com

. "Expenditures will be very high and the bottom line won't go up for awhile." The company plans to build a network spanning 250,000 kilometers, of which 28% will be operational by the end of 2002.

The recent performance of TyCom's competitors bodes badly for the stock.

Global Crossing

has tumbled 43% since the beginning of the year, while

360networks

rose 36% in its debut in April and is down 8% since then.

Even so, TyCom has posted solid sales and net income so far this year, with revenue rising 82% to $1.3 billion for the six months ended in March and income rising 74.7% to $135.2 million for the quarter ended in March.

"Investors should look beyond TyCom's strong historical financials and realize that the company's growth is likely to downshift in coming quarters," cautioned George Nichols, a stock analyst at

Morningstar.com

.

Goldman Sachs

and

Salomon Smith Barney

were the issue's lead underwriters.