Medical device maker Penumbra Inc. (NYSE: PEN) priced its initial public offering (IPO) of 4 million shares at $30 per share on Thursday night, and the stock began trading Friday morning at $40, up 33%. The offering was upsized from an original number of 3.8 million shares, and the offering price was more than 14% above the midpoint of the expected range of $26 to $28 per share.

Underwriters for the offering included JPMorgan, Bank of America Merrill Lynch, Wells Fargo Securities and Canaccord Genuity. The underwriters were granted a 30-day option to purchase an additional 600,000 shares.

This IPO represents about 13.4% of Penumbra’s outstanding shares and places a market cap on the company of about $895 million, with an outstanding share count of 29.8 million. Gross proceeds of the IPO totaled $120 million, not including the underwriter’s option.

The company said in its Form S-1 filings that it currently has no specific plans for using the net proceeds, but it intends to use the proceeds for product development, including research and development and clinical trials; expansion of the sales force; working capital; and general corporate purposes.

Penumbra’s largest shareholder prior to this IPO was FMR, the investment management division of Fidelity Investments, with a stake of 11.6%, and company directors and executives owned another 24.8%. Neither group sold or bought shares in the IPO, and the two groups now own about 21.7% of outstanding shares. Penumbra said it had a total of 346 shareholders prior to this IPO.

Before noon on Friday, shares traded at $41.40, up 38%. The stock hit a high of $42 earlier in the morning.

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