Arista Networks shares rise 35 pct in debut

June 6 Fri Jun 6, 2014 10:03am EDT

June 6 (Reuters) - Shares of Arista Networks Inc, rose nearly 35 percent in their debut, valuing the network switch maker at $3.7 billion.

Arista's IPO raised about $226 million after its offering of 5.25 million shares was priced at $43, well above its expected range of $36-$40.

The company, which competes with Cisco Systems Inc, makes network switches to handle traffic at large Internet data centers.

Arista's customers include Microsoft Corp, VMWare Inc, Facebook Inc, Yahoo Inc, Comcast Corp and Citigroup Inc.

Morgan Stanley and Citigroup were the lead underwriters to the IPO.

Arista shares opened at $55.25 on the New York Stock Exchange on Friday and touched a high of $58.

(Reporting by Avik Das in Bangalore; Editing by Joyjeet Das)

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