NEW YORK (AP) -- Infoblox Inc.'s stock gained 41 percent in its first day trading on the New York Stock Exchange.
Shares of the software and hardware provider opened Friday at $22.50, well above the $16 per share the IPO priced at. The Santa Clara, Calif., company initially expected the offer to price between $12 and $14 per share, according to a regulatory filing.
The stock was up $6.21, or 38.8 percent, to $22.21 in midday trading.
Infoblox is offering about 5.7 million shares, while selling stockholders are offering around 1.8 million shares. The company will not receive any proceeds from the shares sold by selling stockholders.
Infoblox expects to use its net proceeds for working capital and other general purposes. It may use some of the funds to buy or invest in complementary businesses, products, services, technologies or other assets.
The underwriters have a 30-day option to buy up to an additional 1.1 million shares offered by Infoblox to cover any excess demand.
The IPO raised approximately $120 million overall before underwriter commissions and other expenses.
The company said in its filing with the Securities & Exchange Commission that it expected to have approximately 44 million outstanding shares after the offering.
Infoblox reported a 2011 loss of $5.3 million on revenue of $132.8 million. In 2010, the company posted a profit of $7 million on revenue of $102.2 million.
Infoblox is trading under the "BLOX" ticker symbol.