Shares Of Sunnyvale Wi-Fi Networking Firm Ruckus Drop On NYSE Debut
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.”
(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)