Ruckus Wireless files for $100M IPO
NEW YORK (AP) — Ruckus Wireless Inc., which makes equipment for and builds big Wi-Fi networks, on Friday filed for an initial public offering worth up to $100 million.
The Sunnyvale, Calif., company's biggest customers are phone companies, who want Wi-Fi hotspots that can offload traffic from their cellular networks. For instance, Ruckus built a Wi-Fi network with 100,000 access points for Japanese phone company KDDI.
Ruckus' revenue of $93.9 million for the first half of this year was nearly double the $47.4 million it pulled in the first six months of 2011.
Ruckus had net income of $24.4 million for the first half of 2012, up from a loss of $900,000 in the same period a year earlier, but this year's result was boosted by a one-time tax gain of $17.4 million.
Investors in Ruckus include venture funds Sequoia Capital and Focus Ventures and the venture capital arm of Deutsche Telekom AG, the parent of T-Mobile USA.
Among Ruckus' current or potential competitors are tech heavyweights Cisco Systems Inc., LM Ericsson AB, Hewlett-Packard Co. and Motorola Solutions Inc., it said its filing.
In this first IPO-related filing, Ruckus did not say what its shares would cost or when it would sell them. Lead underwriters are Goldman Sachs & Co. and Morgan Stanley.