When Internet registrar GoDaddy Inc. (NYSE: GDDY) priced its initial public offering (IPO) on Tuesday, investors paid $20 a share for the privilege of investing in the company, a price $1 per share higher than the top of the stock’s expected range of $17 to $19 a share. The company also increased the number of IPO shares from 22 million to 23 million. Shares began trading Wednesday morning at $26.15, more than 30% above the raised IPO price.

GoDaddy is a Web hosting and services provider to small businesses, Web design professionals and individuals. The company claims that it operates the world’s largest domain marketplace, providing website building, hosting and security tools. GoDaddy serves approximately 13 million customers. The company believes that its addressable market extends beyond small businesses and includes individuals and organizations, such as universities, charities and hobbyists.

Underwriters for the offering are Morgan Stanley, J.P. Morgan, Citigroup, RBC Capital Markets, Barclays, Deutsche Bank Securities, KKR, Stifel, Piper Jaffray, Oppenheimer and JMP Securities. The underwriters have an overallotment option on 3 million additional shares, 10% fewer than the 3.3 million noted in earlier filings.

Gross proceeds total $460 million, at least some of which will go to the company’s attempts to reposition its brand from the racy image that early TV ads promoted into a business-to-business brand that delivers success for its customers.

Sales of domain names, still more than half the company’s total revenues, have grown more slowly than sales of services like website hosting and server management for small businesses. The newer services have bigger margins, but also more competitors. And it may be well to remember that the history of the Web is littered with the carcasses of several start-ups aimed at small business owners.

Shortly before noon GoDaddy stock traded up about 30% at $26.08 after posting a high of $26.84 earlier.

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