Shares of Redwood City Internet photo company Shutterfly rose as high as 11.5 percent in their market debut today, but then lost most of the gain by the end of the day (as of this writing).

The 5.8 million share offering raised $87 million on Thursday, pricing at $15, the top of a $13 to $15 forecast range. Shares rose to $16.73 earlier, but then declined to just above $15.

The offering price gave the company a market value in excess of $354 million.

The company raised around $67 million in backing Mohr, Davidow Ventures, Sutter Hill Ventures, Granite Ventures and Jim Clark’s Monaco Ventures.

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