Intrepid Potash Inc, which produces the potassium compound for fertilizer, jumped more than 60 percent on its first day on the open market as investors bet on a boom for agricultural products.

Before the start of trading, the company priced the shares 14 percent higher than expected at $32.

However by the end of the day, investors drove up the stock 58.3 percent, or $18.65, close at $50.65 on the New York Stock Exchange.

The firm raised $960 million in capital through the sale of 30 million shares. The company will use the funds to fund an acquisition and pay off debt, according to a government filing.

Intrepid Potash is a subsidiary of Australian firm Intrepid Mining LLC.

The offering was underwritten by Goldman Sachs Group, Inc, Merrill Lynch & Co. and Morgan Stanley.

Investment Goldman sachs Morgan Stanley Merrill Lynch