Neutral Tandem (NASDAQ: TNDM) provides third-party interconnection services to competitive telecommunications carriers. In a nutshell, TNDM helps wire-line, wireless and broadband customers talk to each other -- even if they all pay their bills to different companies. Neutral Tandem offers services in more than 60 U.S. metropolitan markets and is a critical part of our nation's communications network. The company's customers include Sprint Nextel, Comcast Cable and AT&T.

Neutral Tandem earned $9 million or 27 cents per share in the first quarter, compared with $4 million or 12 cents per share in the year-ago period. TNDM's earnings beat estimates by four cents for a 17.4% earnings surprise, sending shares up 15.6% in just the week following the announcement!

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It was a nice Friday for Neutral Tandem Inc. (NASDAQ: TNDM). That is, the company's IPO got a warm reception from Wall Street -- surging 44.86% to $20.28.

You probably haven't heard of this company. The reason is that Neutral Tandem provides underlying technologies to wireline, cable, and VOIP providers. Basically, it allows for a smooth exchange of traffic across networks (which, by the way, is no easy feat). As a result, customers realize cost savings, improved network reliability and better redundancy.

Neutral Tandem has 79 contracts and the network carries 3.4 billion minutes of traffic per month.

And the growth rate has been impressive. From 2005 to 2006, revenues spiked 88.9% to $52.9 million. Neutral Tandem even posted net income of $4.7 million.

The underwriters on the IPO were Morgan Stanley (NYSE: MS) and CIBC (NYSE: CM).

You can find the prospectus at the SEC website. Also, if you want to find information on other IPOs, then visit DealProfiles.com.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements.