Santa Clara, California-based Arista Networks (ANET), a cloud networking equipment maker, soared 35% in its public debut. Arista priced shares at $43, above the expected range of $36 to $40, and by mid-morning on Friday the stock was trading at $58.

The company now has a market cap of $3.7 billion, after entering the markets valued at $2.75 billion. Arista raised $226 million in its public offering.

The company, which competes with Cisco (CSCO), makes switches that handle traffic for large companies including Facebook (FB), Microsoft (MSFT) and Comcast (CMCSA). Its products are also used for high-frequency trading, cloud computing and big data.

Arista has seen 99% growth in annual net income, ending 2013 with $42.5 million. Revenue has shown substantial annual growth, rising by 87% last year. Sales were $361 million in 2013, $193 million in 2012 and $140 million in 2011.

Arista was founded in 2004 by Sun Microsystems co-founder Andy Bechtolsheim and David Cheriton, a computer science professor at Stanford University. The current CEO is Jayshree Ullal, who came from Cisco.

Cheriton left the company earlier this year and in April entered a lawsuit against Arista Networks, through his startup, Optumsoft. The suit will determine whether Optumsoft has the rights to some Arista software.

Cheriton owns 25% of Arista and is technically the largest shareholder. However, Bechtolsheim owns 23% and his family owns 22%. CEO Ullal owns 13% of the company.

Morgan Stanley (MS) and Citigroup (C) managed the offering.

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