NetSuite, majority-owned by Oracle Chief Executive Larry Ellison, had a strong market debut on Thursday as its shares soared more than 37 percent.

NetSuite, which competes with Salesforce.com, makes software for small and medium-sized businesses. The company's stock ended the day at $35.50 per share, up $9.50 from its $26 initial public offering price for its 6.2 million shares on the New York Stock Exchange.

Yesterday's closing price was a jump from the firm's initial target price of $13 to $16 it disclosed earlier in the week.

The 600 employee San Mateo, Calif.-based firm trades under the N ticker symbol.

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