Ruckus Wireless shares fall in debut on NYSE
NEW YORK Shares of Ruckus Wireless Inc. are falling in their first hours of trading 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 are down Friday morning. Trading on the New York Stock Exchange under the symbol "RKUS," the stock is off 89 cents, or 5.9 percent, to $14.11.
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