NEW YORK (TheStreet) -- Shares of Xactly (XTLY) are surging 20.50% to $9.64 in late morning trading on Friday, the company's first trading day on the New York Stock Exchange after its IPO.

Based in San Jose, CA, Xactly is a cloud-based compensation software company.

Yesterday Xactly announced its initial public offering of 7.04 million shares at $8 per share. Underwriters were granted a 30-day option to purchase up to an additional 1.056 million shares of common stock to cover over-allotments, if any, the company noted.

Through the offering, the company raised about $56 million.

The stock is currently trading on high volume, with more than 3.6 million changing hands as of 11:58 a.m.