NEW YORK (AP) - Shares of Luxoft, a software development services provider, surged in their first day of trading on the New York Stock Exchange.

NEW YORK (AP) Shares of Luxoft, a software development services provider, surged in their first day of trading on the New York Stock Exchange.

The stock gained $3.46, or 20.4 percent, to $20.46 in morning trading after rising as high as $20.50 earlier

Luxoft Holding Inc., based in the British Virgin Islands, said Wednesday that the offering of about 4.1 million shares was priced at $17 per share, the midpoint of the expected range of $16 to $18 per share.

It raised almost $69.7 million from the offering. Both Luxoft and its parent company, IBS Group Holding Ltd., are offering the same amount of stock in the IPO.

Luxoft won't receive any proceeds from the shares sold by IBS.

The stock is trading under the "LXFT" ticker symbol.

The offering is expected to close on July 1.