Ruckus Wireless Files $100 Million Initial Public Offering
Ruckus Wireless Inc., a maker of wireless-networking equipment, filed to raise $100 million in a U.S. initial public offering.
The company hired Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) to manage the deal, according to a regulatory filing today. The $100 million amount is a placeholder used to calculate fees and may change. The company didn’t specify the number of shares or price range for the IPO in the filing.
Ruckus, based in Sunnyvale, California, is a leader in the market for gear that lets phone companies shunt data traffic from overcrowded cellular networks onto higher-capacity Wi-Fi networks. Carriers are using Ruckus’s small networking devices that can be placed on telephone poles, street lights or roofs to relieve networks swamped by data traffic from smartphones.
Chief Executive Officer Selina Lo said in April the company would like to try to go public this year.
Revenue nearly doubled in the first half of 2012 to $93.9 million. Net income in the six months through June was $24.4 million, compared with a loss of $862,000 in the year-earlier period.
The company said it has no specific plans for the proceeds from the offering, and may use them for acquisitions and general corporate purposes including sales and marketing.
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