Ruckus Wireless Inc., a maker of wireless-networking equipment, raised $126 million in its initial public offering, pricing the shares at the top end of the marketed range Thursday.
The company sold 8.4 million shares for $15 each after offering them for $13 to $15. The stock will start trading Friday, listed on the New York Stock Exchange under the symbol RKUS.
Ruckus, based in Sunnyvale, California, is a leader in the market for gear that lets phone companies shunt data traffic from overcrowded cellular networks onto higher-capacity Wi-Fi. Carriers are using Ruckus’s small networking devices that can be placed on telephone poles, street lights or roofs to relieve networks swamped by data traffic from smartphones.
Sequoia Capital is the largest shareholder and didn’t plan to sell shares, regulatory filings show. The Menlo Park, California-based venture capital firm will have a 24 percent stake in Ruckus following the IPO.
Revenue nearly doubled in the nine months through Sept. 30 to $152.5 million. Net income was $7.4 million, compared with break-even results in the year-earlier period, according to the prospectus.
The company said it has no specific plans for the proceeds from the offering, and may use them for acquisitions and general corporate purposes including sales and marketing.
Goldman Sachs Group Inc. and Morgan Stanley led the deal.
© Copyright 2015 Bloomberg News. All rights reserved.