BigBand Networks Inc.’s IPO is going great guns.
The company went public on Wednesday, offering 10.7 million shares of common stock priced at $13 per share. Prices opened at $15.25 on Thursday morning and had climbed to $16.70 by early afternoon.
It is trading under the symbol “BBND” on the Nasdaq.
BigBand builds video switching equipment for the delivery of TV services to the home and boast cable operators Cablevision and Cox Communications Inc. as customers.
BigBand planned to sell 7.5 million shares, while stockholders would be allowed to sell 3.2 million shares.
Morgan Stanley and Merrill Lynch & Co. acted as joint book-running managers for the offering, with Jefferies & Company, Cowen and Company, and ThinkEquity Partners LLC serving as co-managers.
BigBand Networks Inc. www.bigbandnet.com