NEW YORK, Sept 29 – Shares of chipmaker Ciphergen Biosystems (Nasdaq: CIPH) shot up more than 115 percent in their first day of trading on the Nasdaq on Friday.

The Fremont, Calif.-based company offered 5.5 million shares of its common stock for $16 per share. The offering, which was priced at the high-end of the $14-$16 range, raised $88 million.

In afternoon trading the shares were up 18 1/2, or 115.6 percent, at 34 1/2.

SG Cowen, was the lead managing underwriter and ING Barings and Warburg Dillon Read were co-managers.