Shares of wireless network provider Meru Networks soar after IPO raises $65.8MBy AP
Wednesday, March 31, 2010
Meru Networks shares soar in IPO debut
NEW YORK — Shares of wireless network provider Meru Networks are soaring after the initial public offering priced at the top of its expected range, raising $65.8 million.
The Sunnyvale, Calif. company, founded in 2002, helps small- and mid-sized businesses connect to the Internet.
It follows two successful technology IPOs from last week. MaxLinear Inc. priced above expectations, only the second company this year to do so, and is up nearly 30 percent from its IPO price. The other technology IPO, Calix Inc., also gained more than 16 percent in its first day of trading, and is still about 5 percent higher than its IPO price.
Shares of Meru Networks Inc. are up $4.15, or 28 percent, to $19.15 in morning trading on the Nasdaq Global Market under the symbol “MERU.”