Ruckus Wireless, Inc. (NYSE: RKUS), provider of carrier-class Wi-Fi solutions, announced that it has priced initial public offering of 8.4 million shares of its common stock at $15.00 per share, the high end of its expected price range.
In the amended S-1 filing with the SEC on November 5, the company had estimated that the initial public offering price per share of between $13.00 and $15.00.
Wireless-networking equipment maker company said that 7 million shares are being offered by it and 1.4 million shares are being offered by certain selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 1.26 million shares.
Ruckus Wireless said it will not receive any proceeds from the sale of shares by the selling stockholders. The company intends to use offering proceeds for working capital and other general corporate purposes, including sales and marketing activities and products development.
The Sunnyvale, California-based company shares are expected to begin trading on the New York Stock Exchange on November 16, 2012 under the symbol "RKUS."
The company's Wi-Fi solutions are used by service providers and enterprises to solve network capacity and coverage challenges associated with the rapidly increasing traffic and number of users on wireless networks.
Wi-Fi technology company's customers include Time Warner Cable Inc(TWC) , Towerstream Corp(TWER), Tikona Digital Networks and Bright House Networks.
Goldman, Sachs & Co. and Morgan Stanley & Co. LLC are acting as lead joint book-running managers for the offering. Deutsche Bank Securities is acting as a book-running manager. Needham & Company, Oppenheimer & Co., William Blair, and Craig-Hallum Capital Group are acting as co-managers.
In the regulatory filing, the company stated that the 9-month revenue surged 93% to $152.5 million from $78.99 million last year. Net income was $7.4 million, compared with break-even results in the year-earlier period.
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