NEW YORK — Shares of Restoration Hardware jumped in its first day of trading, as investors decided to take a bet on a familiar retail name and the gradual housing recovery.

Shares rose $7.01, or 29.2 percent, to $31.01 in Friday afternoon trading on the New York Stock Exchange. The home decor retailer and its shareholders raised $124 million, selling 5.2 million shares for $24 each.