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Rocket Fuel soars in 1st day as a public company

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September 20, 2013 05:29 PM EST | AP


NEW YORK — Shares of digital advertising company Rocket Fuel took off during its first day as a publicly traded company.

The technology company's stock gained $27.10, or 94 percent, to $56.10 after it raised $116 million in an initial public offering of stock.

Its shares priced at $29 each, at the high end of the expected price range of $27 to $29 per share.

Rocket Fuel Inc. is giving the deal's underwriters a 30-day option to buy up to an additional 600,000 shares to cover any excess demand.

The Redwood City, Calif., company's stock trades on the Nasdaq under the "FUEL" ticker symbol.