NeoPhotonics (NYSE:NPTN) Shares Soar on Opening Day of IPO

Shares of NeoPhotonics (NYSE:NPTN) opened with a bang on the New York Stock Exchange, after the company priced shares at the high-end of the proposed price range at $11 a share.

NeoPhotonics business selling circuits to tech giants like Cisco Systems Inc. (Nasdaq:CSCO) and Alcatel-Lucent SA (NYSE:ALU). The chips they sale are used by the companies to make networking gear.

Sales from the company are expected to grow on the increasing demand for online video.

Shares were originally offered in the range of $9 to $11, but were bumped up to $11 a share, and the number of shares offered were increased from 7 million to 7.5 million.

Neophotonics was trading at $14.02 as of 12:33 PM EST.

Bank of America, (NYSE:BAC), Deutsche Bank (NYSE:DB) Lead NeoPhotonics to $82.5 Million IPO

NeoPhotonics Corp., which starts trading today on the New York Stock Exchange under the ticker symbol "NPTN," raised $82.5 million in its IPO, led by Bank of America, (NYSE:BAC) and Deutsche Bank (NYSE:DB). The company increased the number of shares available to boost the total.

A total of 7.5 million shares were sold at a price of $11 each. That was after the initial offering of 7 million shares at $9 to $11 each, according to its filing with the U.S. Securities and Exchange Commission.

The company said they will use the money raised for working capital.

This week 11 companies are attempting to raise almost $1 billion through IPOs.