Sunnyvale, Calif. – Shares of Sunnyvale-based Ruckus Wireless fell 18 percent on their first day of trading Friday after the developer of Wi-Fi technology priced its initial public offering (IPO) at the top of its expected range.
The company late Thursday priced 8.4 million shares at $15 each. By late Friday, the stock – listed at “RKUS” on the New York Stock Exchange – had closed at $12.25.
Ruckus’ carrier-class Wi-Fi technology is used by service providers and large organizations to solve the network capacity and coverage challenges associated with the growing popularity of wireless networks.
The company, which had $93.9 million in revenue and a net profit of $24.4 million during the first half of 2012, boasts more than 45 service provider clients, including Bright House Networks, The Cloud, KDDI, Tikona Digital Networks, Time Warner Cable and Towerstream.
This article was also published in Bay Area Tech Wire.
Ruckus Wireless – http://www.ruckuswireless.com
Ruckus Wireless – press release