SUNNYVALE (CBS/AP) — Shares of Ruckus Wireless Inc. fell Friday after raising $126 million in an initial public offering of stock.
The Sunnyvale 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.”
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