CAMBRIDGE, Mass. (AP) — Brightcove Inc.'s shares are surging in their first day of trading on the Nasdaq exchange on Friday.
The company, which provides cloud-based computing services, raised $55 million in an initial public offering. It priced 5 million shares at $11 each, within its expected range of $10 to $12 for each share.
Brightcove plans to use the proceeds to repay debt and operate its business.
The Cambrige, Mass., company's main product lets customers publish and distribute video to Internet-connected devices. It had nearly 3,900 customers at the end of 2011.
Shares are up $3.97, or 36 percent, to $14.97 in late morning trading.