Wireless network provider Meru Networks Inc., on Tuesday valued its shares during its initial public offering at the top of the expected range, reveals an underwriter.

Meru reportedly sold 4.4 million shares for $15 each, raising about $65.8 million resulting in soaring shares. However, it had planned to sell shares for $13 to $15 each.

The provider reveals its total revenue to touch $69.5 million in 2009, a good rise of 27 percent from $54.7 million the previous year. The company also succeeded in narrowing its net loss to $17.4 million from $26.8 million.

The Sunnyvale, Calif. Company, founded in 2002, serves as a connecting platform for small- and mid-sized businesses with the internet.

The company, a business provider using virtualized wireless networks, posted in a regulatory filing that it competes with Cisco Systems Inc., Motorola Inc. and Hewlett-Packard Co.

It is reported to follow two successful technology IPOs from last week. MaxLinear Inc. priced high than speculated, only the second company this year to do so, and is up nearly 30 percent from its IPO price.