Ruckus Wireless shares fall in debut on NYSE (Update)

Nov 16, 2012

(AP)—Shares of Ruckus Wireless Inc. fell Friday after raising $126 million in an initial public offering of stock.

The Sunnyvale, Calif., company makes equipment for and builds big Wi-Fi networks. Its biggest customers are phone companies, who want Wi-Fi hotspots that can offload traffic from their cellular networks.

The company and its early investors sold 8.4 million shares for $15 each, the high end of the expected range. That's usually a sign of high demand for the stock.

But shares fell $2.75, or 18.3 percent, to close at $12.25 Friday. They traded on the New York Stock Exchange under the symbol "RKUS."

Explore further: Lenovo wraps up purchase of Motorola phone unit

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Zynga holders plan to sell up to $400M in stock

Mar 14, 2012

Zynga shareholders may sell up to $400 million of stock through a public offering, three months after the online game maker went public, to try to avoid a drop in its stock price.

Recommended for you

Lenovo wraps up purchase of Motorola phone unit

3 hours ago

Lenovo Group announced the completion of its acquisition of Motorola Mobility from Google Inc. on Thursday in a move aimed at making the Chinese computer maker a global smartphone brand.

Baidu profit up 27 percent as mobile grows

6 hours ago

Chinese search engine Baidu Inc. said Thursday its quarterly profit rose 27 percent as user traffic for its mobile operation surpassed passed its desktop computer-based search business.

Samsung vows changes after mobile profit plunges

6 hours ago

Samsung Electronics Co. admitted erring in its smartphone strategy and vowed Thursday to overhaul its handset lineup after profit from those devices tumbled last quarter to the lowest in more than three years.

WhatsApp founders own nearly $9B in Facebook stock

7 hours ago

WhatsApp founders Jan Koum and Brian Acton received 116 million shares of Facebook stock currently worth nearly $9 billion when they sold their unprofitable messaging service to the social networking leader earlier this month.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.