Tellium Leaps on IPO

Tellium (TELM) was up 40.8% in its first afternoon of trading, opening 45.4% higher than its $15 IPO price.

The company, a maker of optical switches for the telecommunications industry, sold 9 million shares at $15, revised from the terms set in March of 15 million shares priced between $8 and $10.

An underwriting group led by

Morgan Stanley

and

Thomas Weisel

managed the deal.