NEW YORK ( TheStreet) -- NeoPhotonics ( NPTN) shares have skyrocketed since its debut on the New York Stock Exchange two days ago.
Shares of NeoPhotonics have surged 20.4% to $16.85 during early-afternoon trading Friday. The current price is about 53.2% above NeoPhotonics' $11 a share offering price on 7.5 million shares of common stock. The San-Jose, Calif.-based maker and designer of components for high-speed communications networks originally planned to raise about $82.5 million from the IPO. All shares were sold by the company. Previously, the company had planned to sell 7 million shares of common stock for $9 to $11 a share. Bank of America ( BAC) Merrill Lynch and Deutsche Bank ( DB) Securities were the lead underwriters. Piper Jaffray ( PJC), Regions Financial 's ( RF) Morgan Keegan & Company and ThinkEquity were co-managers for the offering.