The expected Time Warner Telecom (TWTC) secondary offering priced at $17.50 for the full share amount and then some. The secondary offering of common stock was apparently raised from 27.5 million shares up to over 33 million shares; but the offering was for even more than that. THE ACTUAL NUMBER OF SHARES IS 39,660,598, which is more than the higher end and more than the over-allotment shares.

So, not only was it a higher number of shares that the market was willing to absorb, but it was at a good price if you consider that TWTC closed up almost 5% yesterday.

This morning, "TWTC" shares are trading up at $18.15 as of the last print, and it has already traded more than 1 million shares in pre-market activity. You can expect this to be one of the most active stocks on NASDAQ today. Once again, Time Warner Inc. (NYSE: TWX) and its affiliate owners were the sellers, so Time Warner Telecom will receive no dollar proceeds from the offering. They will gain this much more independence from the ex-parent, but not the cash.

This isn't the first time this year that shares have been sold by "TWX," and this may not be the last time. As noted previously, this share sale and the subsequent pricing was actually good for both sides because it allows Time Warner Telecom (TWTC) to become less and less of astep child and it allows Time Warner to go on down the road to focus on and worry about what it needs to focus on.

There are supposed to be at least two telecom investor buyers in this deal that anted up for more than 2 million shares each, although that has yet to be confirmed and it may not ever be confirmed. In secondary offerings there are quite often more suppositions than there are facts, so it may not even be worth trying to figure that detail out.

Deutsche Bank Securities, Lehman Brothers, and J.P. Morgan acted as the underwriters. TWTC traded 3.1 million shares in regular trading yesterday (compared to 1.15 milllion average daily volume), and you can expect quite a lot more volume today as the shorts cover what they needed to cover fom their allocations from hedging and from the natural after-market buying and selling that comes with most secondary offerings.