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NEW YORK (TheStreet) -- Shares of Holding Inc. (ALRM) - Get Free Report are surging higher by 20.21% to $16.83 in late morning trading on Friday, after the company began trading on the NASDAQ and priced its initial public offering of 7 million shares of common stock at $14 per share.

The pricing of the IPO is at the midrange of expectations and implies a market valuation of almost $627.9 million, The Wall Street Journal reports.

Additionally, underwriters have been granted a 30-day option to acquire up to an additional 525,000 shares from and up to 525,000 shares of common stock from selling stockholders at the IPO price, the company said in a statement. is a Vienna, VA.-based platform solutions provider for the connected home. The company's cloud-based services allows home and business owners to intelligently secure their properties and automate and control a variety of connected devices through a single user interface.