Starent Networks Corp. (Nasdaq: STAR) shares rose 17 percent, or $2.01 today, closing at $14.01. Yesterday the company began trading on the Nasdaq with an initial public offering (IPO) of 10.5 million shares priced at $12 per share, up from an expected offering price between $9 and $11 per share.Of the shares being sold, 9 million are being sold by Starent and 1.5 million by selling stockholders. The company has also granted the underwriters a 30-day option to buy an additional 1.5 million shares of common stock to cover possible over-allotments.
Starent sells hardware and software allowing wireless networks to offer multimedia services, including video download or streaming, Internet access, mobile TV, gaming and more to its subscribers.
The company has established the Starent Networks Partner Program to team with other companies within the industry to create new services, enhance its interaction with subscribers and to increase competition and profitability. The program is an interactive forum the company expects to lead to solutions and benefits through joint solutions and agreements, technical integration and market positioning.
The company currently works with mobile operators around the globe to provide them with technology and solutions to deliver quality subscriber experience. Among those operators are China Unicorn, China’s second -largest mobile communication operator; Japan-based KDDI, diversified communication operator; U.S. based Verizon Wireless; and Zapp, Romania’s sole mobile telephone operator.
