Ruckus Wireless files for $100M IPO

Last Updated: Fri, Oct 05, 2012 21:30 hrs

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.

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