Redwood City, Calif. - Shares of BigBand Networks rose 31% on their first day of trading Thursday, just hours after the company priced its initial public offering (IPO) at $13 a share, more than its expected range of $10-$12.

The company is looking to raise $139 million in the 10.7 million-share offering, which is being underwritten by Morgan Stanley and Merrill Lynch.

Current stockholders are selling 3.2 million of the shares. BigBand's stock, listed on the Nasdaq Global Market under the symbol "BBND," closed at $17 on Thursday.

BigBand is a developer of technology that allows cable TV providers and telephone companies to offer video, voice and data services.

The Redwood City, Calif.-based company has raised more than $100 million from investors, and achieved profitability last year.

Its clients include Comcast, Time Warner Cable, Cox and Rogers Cable.

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