Ruckus Wireless, maker of complex Wi-Fi technology for enterprises and service providers, has priced its IPO for the NYSE at $15 a share — the top of its previously estimated price range of $13 to $15.
The company sold 8.4 million shares at $15 a piece, valuing the offering at $126 million.
Tech IPOs have been a mixed bag this year, with consumer-focused tech companies like Facebook and Yelp taking dives in price, while enterprise players like Palo Alto Networks and Workday kicked ass with their IPOs.
Ruckus likely hopes to see a pop tomorrow because it provides real-world solutions for many customers such as Deutsche Telekom, Telefonica Del Sur, BP, Buffalo Wild Wings, Holiday Inn Express, and Comfort Inn and Suites. The company has patented wireless tech, including “adaptive antenna arrays that focus and direct Wi-Fi transmissions over the best signal path, automatically avoiding sources of Wi-Fi interference.”
The company’s financials look pretty decent too. For the nine-month period ending Sept. 2012, Ruckus increased revenue 92 percent to $152 million versus the same period in 2011. Ruckus’ pre-tax income boosted to $12 million from $1.2 million from the year before.
Ruckus will be celebrating its IPO with a party tomorrow morning at the company’s headquarters in Sunnyvale, Calif. While most of the employees will be partying, Ruckus CEO Selina Lo and CFO Seamus Hennessey will ring the opening bell on the New York Stock Exchange at market open on Friday.
Founded in 2004, Ruckus previously raised $54.2 million in funding from investors including Sequoia Capital, Motorola Ventures, Investor Growth Capital, Sutter Hill Ventures, and Firelake Capital Management.
Photo credit: Ruckus Wireless