RingCentral jumps after raising $97.5M in IPO

AP News
Posted: Sep 27, 2013 11:37 AM

RingCentral Inc.'s shares soared in the cloud-based phone system company's market debut.

The San Mateo, Calif., company and its selling shareholders raised $97.5 million. It priced its offering of 7.5 million shares at $13 per share, the top of the expected range. Shares are up 47 percent to $19.07 in the late morning, trading on the New York Stock Exchange under the symbol "RNG."

RingCentral provides a cloud-based communication service that allows businesses to have employees connect through voice, text and fax on multiple devices of their choosing.

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It plans to use the proceeds for general corporate purposes, including increased spending on marketing and sales, as well as international expansion.