Ruckus Wireless (RKUS) IPO Prices at $15, Top End of Range
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Ruckus Wireless, Inc. (NYSE: RKUS) priced its initial public offering of 8,400,000 shares of its common stock at a price to the public of $15 per share, the top end of the expected $13-$15 range. The stock will start trading on the NYSE shortly after the open.
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.
Ruckus Wireless is a provider of carrier-class Wi-Fi solutions. The company's solutions, called Smart Wi-Fi, 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. The company has sold products to over 18,700 end-customers worldwide, adding over 7,100 new end-customers in the first nine months of 2012.
Revenue increased 93%, from $79.0 million for the first nine months of 2011 to $152.5 million for the first nine months of 2012. Net income improved from $1.0 million for the first nine months of 2011 to net income of $29.8 million for the first nine months of 2012, which included $18.0 million of income related to the release of the valuation allowance on our net deferred tax assets.
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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.
Ruckus Wireless is a provider of carrier-class Wi-Fi solutions. The company's solutions, called Smart Wi-Fi, 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. The company has sold products to over 18,700 end-customers worldwide, adding over 7,100 new end-customers in the first nine months of 2012.
Revenue increased 93%, from $79.0 million for the first nine months of 2011 to $152.5 million for the first nine months of 2012. Net income improved from $1.0 million for the first nine months of 2011 to net income of $29.8 million for the first nine months of 2012, which included $18.0 million of income related to the release of the valuation allowance on our net deferred tax assets.
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