NEW YORK (TheStreet) -- Shares of Alarm.com Holding Inc. (ALRM) 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 Alarm.com and up to 525,000 shares of common stock from selling stockholders at the IPO price, the company said in a statement.
Alarm.com 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.