NEW YORK (CNNfn) - Agilent Technologies Inc. shares rose sharply in early trading Thursday, one day after the Hewlett-Packard spinoff raised more than $2 billion in its initial public offering.
After pricing 72 million shares at $30 per share Wednesday evening, the Palo Alto, Calif.-based company rose as high as 50, up 67 percent, before settling in at 46 shortly after 11 a.m.
Agilent (A) makes measurement and component test equipment for communications and health sciences companies. Its public offering captured Wall Street's attention in recent days by pricing above its upwardly revised $26 to $28 per share range and raising double its initial expectations.
Edward Barnholt, Agilent's president and chief executive officer, said operating independently from Hewlett-Packard (HWP) -- which actually received the money from Agilent's IPO in return for a one-time cash payment -- would give his company a greater competitive advantage.
"We believe that being an independent company allows us to move forward and go after opportunities more aggressively, Barnholt said.