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Shares of circuit maker NeoPhotonics Corp. are soaring after the company expanded its initial public offering and priced shares at $11 apiece, the high end of its expected range.
Shares of the company gained $2.86, or 26 percent, to $13.86 in midday trading on the New York Stock Exchange under the ticker "NPTN."
NeoPhotonics sells circuits to heavyweights such as Cisco Systems Inc. and Alcatel-Lucent SA, which use these chips to make networking gear. The company has said it expects an uptick in sales as consumers' appetite for online video grows.
The offering includes 7.5 million shares, valuing the offering at $82.5 million before expenses. Previously, the San Jose, Calif., company said it expected shares to sell 7 million shares, priced between $9 and $11 apiece.