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The two-week IPO drought is finally at an end.
Ruckus Wireless, a provider of Wi-Fi equipment to mid-tier enterprises and telecommunications companies, went public today after its IPO priced at the high end of its expected range yesterday. It was the first initial public offering on a U.S. exchange since November 1.
Ruckus didn’t fare so well in its stock-market debut, however. After pricing at $15 a share in its IPO, the stock fell 18% today to $12.25 a share. The stock listed on New York Stock Exchange under the ticker symbol RKUS.
Four more companies are slated to go public next week. Three companies scheduled to go public in late October postponed their IPOs due to complications from Hurricane Sandy. One of them, biotech developer Radius Health, canceled its IPO altogether.
Between the hurricane, uncertainty over the election, and now fear over the fiscal cliff, these last couple weeks haven’t exactly been boom times in the IPO market. That’s a clear departure from most Novembers – since 2003, an average of nearly 17 companies have gone public during the year’s penultimate month.
Right now we’re on pace for the second-least November IPOs in the last decade.
Perhaps today’s end to the IPO drought will re-open the floodgates.