Ruckus Wireless IPO Defies Poor Market Conditions
What worries about the election results and the coming fiscal cliff? We have an initial public offering hitting this Friday. Ruckus Wireless Inc. (NYSE: RKUS) has priced a 8.4 million share IPO at a price to the public of $15.00 per share. In this offering, 7 million shares are being sold by the company, and existing holders and insiders are selling 1.4 million shares.
Goldman Sachs and Morgan Stanley are the lead joint book-running managers for the offering; Deutsche Bank Securities is the book-running manager; Needham & Company, Oppenheimer, William Blair and Craig-Hallum Capital Group are the co-managers in this syndicate. The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1,260,000 shares.
As far as how this was received, Ruckus priced at the top of its expected price range.
Ruckus Wireless is in the wireless infrastructure market and its solutions enable carriers and enterprises to meet the high demand for high-bandwidth applications and services. It calls its effort Pervasive Performance with flexibility, reliability and affordability.
JON C. OGG
Filed under: 24/7 Wall St. Wire, IPOs & Secondaries, Telecom & Wireless Tagged: RKUS