Ruckus Wireless Raises $126 Million From An IPO
Ruckus Wireless went public yesterday on the New York Stock Exchange under the symbol “RKUS.” The company raised $126 million in the IPO and they sold 8.4 million shares at $15 each, valuing the company at $1.2 billion. When trading started in the morning, the stock price dropped to $12.30.
Ruckus makes enterprise and carrier-grade WiFi devices, which mobile operators use to augment 3G and 4G mobile broadband networks according to GigaOM. Ruckus competes with another large wireless company called BelAir Networks. On contracts, BelAir and Ruckus work on building large outdoor WiFi systems.
BelAir ended up getting acquired by Ericsson, but Ruckus decided to stay independent and partner wit Ericsson’s competitors. Ruckus’s largest investor Sequoia Capital ended up keeping their shares in the company going after the company went public. Sequoia owns 24% of the public company. Ruckus co-founders Bill Kish and Victor Shtrom are staying on with Ruckus as CTO and chief wireless architect, respectively. Selina Lo is the CEO of the company.