Shares of data storage company Nimble Storage Inc. rose as much as 50 percent in their market debut on Friday, valuing the company at about $2.21 billion.

The California-based company raised $168 million after its initial public offering of 8 million shares was priced at $21 per share, above the expected pricing range of $18-$20. The company sold all of the shares in the offering.

Nimble Storage makes storage devices that combine hard disks and flash drives. It competes with larger companies such as NetApp Inc. and EMC Corp.

Nimble Storage's shares opened at $31.10 and touched a high of $31.50 on the New York Stock Exchange.

Goldman Sachs and Morgan Stanley were the lead underwriters for the offering.