US-based Ruckus Wireless, a provider of WiFi solutions for service providers and enterprises backed by a corporate venturing unit now owned by search engine Google, has raised $126m in its New York Stock Exchange flotation.
Ruckus sold 8.4 million shares in its initial public offering, including seven million new shares and 1.4 million held by existing shareholders, at $15 per share.
The flotation price was the high end of the $13 to $15 per share range and gave Ruckus an initial market capitalisation of about $1.1bn. Its share price fell by 18% after the IPO to $12.25.
Investment banks Goldman Sachs and Morgan Stanley served as lead underwriters for the IPO.
Ruckus’ shareholders include venture capital firm Sequoia Capital (26.8%) and telecoms equipment maker Motorola Mobility (6%), which Google acquired in the summer, although neither investor sold any shares in the IPO.
Ruckus reports $24m in net income on around $93m in revenue for the first six months of 2012, compared to nearly a $1m net loss on $47m in revenue for the same time last year.