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Ruckus Wireless files for IPO of up to $100 million
Ruckus Wireless files for IPO of up to $100mln
Apollo-backed Realogy sets terms for $1 billion IPO
Fri, Sep 28 2012
Fri Oct 5, 2012 3:17pm EDT
(Reuters) - WiFi products maker Ruckus Wireless Inc filed with U.S. regulators on Friday to raise up to $100 million in an initial public offering of common stock.
The Sunnyvale, California-based company, which makes wireless LAN products for both indoor and outdoor use, intends to list its stock under the symbol "RKUS."
The company however did not specify the stock exchange it intended to list on, the number of shares it planned to sell and their expected price.
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.
Chief Executive Selina Lo had told Reuters in January that the company planned to go public in 2013.
Net proceeds from the offering would be used for working capital expense and other general corporate purposes, the company said.
Ruckus, backed by private equity firm Sequoia Capital, recorded a net profit of $6.1 million, on revenue of $94 million for the six months ended June 30.
The company competes with Meru Networks Inc (MERU.O), Aruba Networks Inc (ARUN.O) and larger companies like Cisco Systems Inc (CSCO.O).
Ruckus's customers include Time Warner Cable Inc (TWC.N), Towerstream Corp (TWER.O), Tikona Digital Networks, and Bright House Networks among others.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Supriya Kurane)
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