Web hosting company GoDaddy's shares rise 34% in debut

[NEW YORK] GoDaddy Inc's shares rose as much as 34 per cent in their debut, valuing the Web hosting company at up to US$5.48 billion, including debt.

The company, which sponsors race car driver Danica Patrick, raised US$460 million after its initial public offering of 23 million class A shares was priced at US$20 per share, above the expected range of US$17-US$19.

Scottsdale, Arizona-based GoDaddy sold all the shares in the offering.

The stock opened at US$26.15 and touched a high of US$26.84 on the New York Stock Exchange on Wednesday.

Morgan Stanley, JP Morgan Securities and Citigroup were the lead underwriters for the IPO.

REUTERS