Ruckus Wireless shares fall in debut on NYSENovember 16, 2012 @ 2:52 pm
NEW YORK (AP) - Shares of Ruckus Wireless Inc. fell Friday after raising $126 million in an initial public offering of stock.
The Sunnyvale, Calif., company makes equipment for and builds big Wi-Fi networks. Its biggest customers are phone companies, who want Wi-Fi hotspots that can offload traffic from their cellular networks.
The company and its early investors sold 8.4 million shares for $15 each, the high end of the expected range. That's usually a sign of high demand for the stock.
But shares fell $2.75, or 18.3 percent, to close at $12.25 Friday. They traded on the New York Stock Exchange under the symbol "RKUS."
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
A temporary bridge span across the Skagit River will be opening Wednesday
What to Eat?
Woman living on light reveals what her first meal will be after 47 days without food
How To Fight Back
Upset with the NSA? Just talk like a terrorist, all the time
Bonneville Media encourages site users to express their opinions by posting comments. Our goal is to maintain a civil dialogue in which readers feel comfortable. At times, the comments can descend to personal attacks. Please do not engage in such behavior. We encourage your thoughtful comments which: have a positive and constructive tone, are on topic, are respectful toward others and their opinions. Bonneville reserves the right to remove comments which do not conform to these criteria.