LONDON – Wi-Fi equipment provider Ruckus Wireless Inc. (Sunnyvale, Calif.) has filed for an initial public offering with the U.S. Securities and Exchange Commission. The number of shares to be offered and the price range have not yet been determined but the company's S-1 form shows that the proposed maximum aggregate price of the offering is $100 million.
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Ruckus, founded in 2004, sells what it calls smart Wi-Fi to mobile telephone service providers and enterprises to extend their wireless networks and mobile services and help beat what has been called the "capacity gap." This is a hybrid cellular and Wi-Fi market.
In the S-1 Ruckus discloses that revenue increased from $47.4 million in the first half of 2011 to $93.9 million for the first half of 2012. The company made a net loss of $900,000 in 1H11 and a net income of $24.4 million in 1H12, although $17.4 million of that income related to the release of the valuation allowance on our net deferred tax assets.
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