Oct. 4 (Bloomberg) -- Ubiquiti Networks Inc., the U.S. maker of wireless networking products, is moving ahead with its initial public offering after a monthlong drought in the market, hurt by slumping stocks and surging volatility.
The San Jose, California-based company is seeking to sell 7.04 million shares for $20 to $22 each, according to a regulatory filing today. Companies typically complete IPOs about two weeks after setting offering terms. American Realty Capital Properties Inc., the New York-based real estate investment trust, completed the last U.S. IPO on Sept. 1.
At least 25 U.S. IPOs seeking a total of $3.3 billion were withdrawn or postponed in the third quarter, the biggest number of pulled deals in one quarter since the final three months of 2008, according to data compiled by Bloomberg. Companies and investors recoiled from the market as the Standard & Poor’s 500 Index plunged 18 percent below its 2011 high and the measure of stock-market volatility surged to more than double its average over the first six months of the year.
The Chicago Board Options Exchange Volatility Index, known as the VIX, surged as high as 48 on Aug. 8, more than double its average level of 18 during the first two quarters of this year.
Ubiquiti, which hired UBS AG, Deutsche Bank AG and Raymond James Financial Inc. to lead its IPO, will list on the Nasdaq under the symbol “UBNT.”
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