Friday, November 16, 2012 5:52 pm
Ruckus Wireless shares fall in debut on NYSE
The Associated Press
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."