RingCentral jumps after raising $97.5M in IPO

September 27, 2013 by The Associated Press

RingCentral Inc.'s shares soared in the cloud-based phone system company's market debut.

The San Mateo, Calif., company and its selling shareholders raised $97.5 million. It priced its offering of 7.5 million shares at $13 per share, the top of the expected range. Shares are up 47 percent to $19.07 in the late morning, trading on the New York Stock Exchange under the symbol "RNG."

RingCentral provides a cloud-based that allows businesses to have employees connect through voice, text and fax on multiple devices of their choosing.

It plans to use the proceeds for general corporate purposes, including increased spending on marketing and sales, as well as international expansion.

Explore further: Tremor Video shares edge down in trading debut

Related Stories

Tableau Software soars in trading debut

May 17, 2013

(AP)—Tableau Software shares soared in their trading debut Friday after the company and some of its investors raised about $254.2 million in its initial public offering.

Recommended for you

Samsung to disable Note 7 phones in recall effort

December 9, 2016

Samsung announced Friday it would disable its Galaxy Note 7 smartphones in the US market to force remaining owners to stop using the devices, which were recalled for safety reasons.

Swiss unveil stratospheric solar plane

December 7, 2016

Just months after two Swiss pilots completed a historic round-the-world trip in a Sun-powered plane, another Swiss adventurer on Wednesday unveiled a solar plane aimed at reaching the stratosphere.

Solar panels repay their energy 'debt': study

December 6, 2016

The climate-friendly electricity generated by solar panels in the past 40 years has all but cancelled out the polluting energy used to produce them, a study said Tuesday.

0 comments

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.