FatPipe (FATN) shares were rising past 53% in recent Tuesday trading, on the company's first day of trading on Nasdaq.

The company said late Monday it priced its initial public offering of 695,656 shares at $5.75 apiece to raise about $4 million.

Underwriters were given a 45-day option to buy up to 104,348 additional shares, the company said, adding the IPO is expected to close on or about Wednesday.

Price: 8.80, Change: +3.05, Percent Change: +53.04