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Slideshow Sponsored Links Ruckus Wireless shares fall in debut on higher pricing Tweet Share this Email Print Related News Ruckus Wireless prices IPO at high end of range: market source Thu, Nov 15 2012 CORRECTED-Ruckus Wireless prices IPO at high end of range-market source Thu, Nov 15 2012 Hedge funds shower love on Green Mountain, Yahoo Wed, Nov 14 2012 AT&T to boost annual spending 16 percent to $22 billion Wed, Nov 7 2012 Time Warner sees U.S. advertising improving in fourth-quarter Wed, Nov 7 2012 Analysis & Opinion Inequality hits home for Wall Street middle class When customers are angry, how do companies justify shareholder payouts? Related Topics Tech » Hot Stocks » Asian Markets » Media » 1 of 6. Selina Lo (C), President and CEO of of Ruckus Wireless, applauds as her company's stock begins trading on the floor of the New York Stock Exchange, November 16, 2012. WiFi products maker Ruckus Wireless Inc. priced its initial public offering at $15 per share, the high end of its expected price range, a market source told Reuters. The company, which is backed by Google Inc's Motorola Mobility LLC and venture capital firm Sequoia Capital, raised $126 million by selling 8.4 million shares. Credit: Reuters/Brendan McDermid By Avik Das Fri Nov 16, 2012 1:24pm EST (Reuters) - WiFi products maker Ruckus Wireless Inc failed to impress in its market debut after higher pricing of its offering tempered investor enthusiasm in a weak U.S. IPO market. Shares of the company fell as much as 8 percent in its debut on Friday, a day after it priced its initial public offering of 8.4 million shares at $15 per share, the top end of its range. At that price, the company is valued at $126 million. Ruckus Wireless Chief Executive Selina Lo shrugged off the share movement saying one day was not an indication of overall performance. "The market wasn't very strong today," she said adding that while some companies had decided to pull their IPO's planned for this week, Ruckus had seen "tremendous interest" from investors and therefore decided to go ahead. Lo said she was confident about growth for the company especially after much larger competitor Cisco Systems Inc earlier in the week said service-provider Wi-Fi grew almost 100 percent year-over-year. Ruckus Wireless makes WiFi technology for corporate and service providers, helping them offload traffic from their cellular networks Tech IPOs have shown widely different results this year. Social network Facebook has seen its value drop almost 50 percent since its IPO in May while network security company Palo Alto Networks and social software company Workday both showed strong market debuts. "It's (Ruckus) an example of a company priced aggressively, rather than priced conservatively," said Jay Ritter, an IPO expert and professor of finance at University of Florida. Investors remain cautious about the U.S. IPO market, which has seen a string of truncated issues, withdrawals, delayed offerings and weak debuts this year, and the market is not expected to improve anytime soon. "The IPO market improvement would come from a fiscal deal worked out with the Congress," David Menlow, president of IPOfinancial.com, told Reuters. Sunnyvale, California-based Ruckus, backed by venture capital firm Sequoia Capital, filed for a $100 million IPO in October. Goldman Sachs & Co, Morgan Stanley and Deutsche Bank Securities are the lead underwriters to the offering, the company said in a filing with the U.S. Securities and Exchange Commission. Ruckus recorded a net profit of $6.1 million, on revenue of $94 million for the six months ended June 30. There have been numerous offerings that have been withdrawn and postponed and which send a very strong signal that investors have a discerning approach to many of these offerings. The company competes with Meru Networks Inc, Aruba Networks Inc and larger companies such as Cisco and Ericsson. While Cisco reported better-than-expected results last week and pointed to a slow improvement of the U.S. market, it remained extremely cautious of Europe. Net proceeds from the offering would be used for working capital expense and other general corporate purposes, Ruckus said. Its customers include Time Warner Cable Inc, Towerstream Corp, Tikona Digital Networks, and Bright House Networks among others. Shares of the company were down more almost 6 percent at $14.11 in afternoon trading on the New York Stock Exchange on Friday. (Reporting by Avik Das and Ashutosh Pandey in Bangalore, additional reporting by Nicola Leske in New York; Editing by Joyjeet Das, Anil D'Silva and M.D. Golan) Tech Hot Stocks Asian Markets Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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