Shares of Virtu Financial closed at $22.20 Thursday on the Nasdaq Stock Market, up 16.84% from the IPO price of $19 set Wednesday.
The stock hit an intraday high of $22.62 in early session trading.
The company raised $314 million in its initial public offering of 16.5 million shares. The IPO price was at the high end of the company's $17- to $19-per-share target.
Based on the IPO, the company's market value was set at $2.6 billion.
Virtu, a high-frequency trading firm, said in a statement on its website that it intends to use most of the proceeds of the IPO to buy out some of its pre-IPO equity holders, including Silver Lake Partners. The remainder would be used by Virtu for general corporate purposes.
Virtu shares trade under the symbol VIRT.