The 38-million-share offering priced at $21 per share, above a previously announced range of $18 to $20. However, the stock opened $4.50 higher, or up 21 percent, at $25.50, and ballooned as high as $26.50 before finishing at $25.67 on the Nasdaq.

The offering raised about $798 million, making it the richest IPO of the year so far, said Scott Sweet, an analyst with IPO Boutique. That's based on market capitalization, not profit.

The company is the managing member of National CineMedia LLC, or NCM LLC, which is a joint venture between theater operators Regal Entertainment, AMC Entertainment, and Cinemark.

National CineMedia plans to use proceeds generated from the sale to buy membership units in NCM LLC. Underwriters, which include Credit Suisse, JPMorgan, Lehman Brothers and Morgan Stanley, have the option of buying an additional 4 million shares to cover overallotments.

Sweet said the company enjoys a large market with few competitors. Products include pre-movie theater presentations and specialized programming for corporations.

Advertisers are particularly interested in in-theater audiences, since this group tends to retain messages much better than television audiences, noted Sweet.

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