Ruckus Wireless prices IPO at high end of range: market source

Reuters News
Posted: Nov 15, 2012 9:32 PM
Ruckus Wireless prices IPO at high end of range: market source

(Reuters) - 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.

Ruckus offered 7 million shares while selling shareholders, including Telus Corp, offered 1.4 million shares.

The Sunnyvale, California-based company, which makes wireless LAN products for both indoor and outdoor use, competes with Meru Networks Inc and Aruba Networks Inc.

The company's customers include Time Warner Cable Inc, Towerstream Corp, Tikona Digital Networks and Bright House Networks.

Goldman Sachs & Co and Morgan Stanley are the lead underwriters to the offering.

The company's shares are expected to begin trading on the New York Stock Exchange on Friday under the ticker symbol "RKUS".

(This story was fixed to correct description of Sequoia Capital to venture capital firm in paragraph 2)

(Reporting by Sharanya Hrishikesh and Ashutosh Pandey in Bangalore; Editing by Sriraj Kalluvila)