RingCentral jumps after raising $97.5M in IPO

Sep 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: Tesla shares jump on Musk 'tease' in tweet

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

Huawei reports 2014 profit up 33 percent

7 hours ago

Huawei Technologies Ltd., one of the world's biggest makers of telecommunications equipment, said Tuesday its 2014 profit rose 33 percent, helped by strong sales of smartphones.

Tesla shares jump on Musk 'tease' in tweet

20 hours ago

Tesla Motors shares jumped Monday after co-founder Elon Musk tweeted that the company would unveil as "major" new product line next month, leaving analysts guessing.

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.