San Francisco -- Shares of Riverbed Technology rose 57% on Thursday after the San Francisco-based maker of appliances designed to improve the performance of wide-area networks raised $85.8 million in its initial public offering (IPO). The company sold 8.7 million shares for $9.75 each, above its expected price range of $7-$8.50. Riverbed said that it will use the proceeds to finance our growth, develop new products and fund capital expenditures, in addition to possibly repaying its credit facility with Lighthouse Capital Partners V or making acquisitions. The company said that its appliances typically increase transmission speeds on wide-area networks by 5-50 times. Its shares, trading on the Nasdaq under the symbol "RVBD," closed at $15.30 on Thursday.