Shares of Redback Networks Inc. (Nasdaq: RBAK) nearly tripled in its initial public offering Tuesday, soaring up 45 3/16 to 68 3/16. After pricing at $23 a share late Monday, the stock opened at $68 a share and moved as high as $73 a share.
Reback Networks makes communications products for high-speed Internet access.
The Sunnyvale, Calif. company originally prices its IPO at between $12 to $14 a share. Morgan Stanley Dean Witter was the lead underwriter for the 2.5 million-share offering.
Redback develops equipment that allows providers of broadband Internet access to manage up to 4,000 subscribers at a time.
Following Tuesday's IPO, Redback has about 21 million shares outstanding.
Redback raked in more than $57 million from the offering.
BancBoston Robertson Stephens and Dain Rauscher Wessels co-managed the offering. >