Cisco-backed RingCentral raises $98m in IPO and shares stay trading well above offer price.
RingCentral, a US-based provider of cloud computing based phone systems, which is backed by computer server company Cisco, began trading on the New York Stock Exchange on 27 September under the symbol “RNG”.
The initial public offering (IPO) of 7,500,000 shares of its common stock, including 7,420,000 shares from the company and 80,000 shares from selling stockholders, was priced at $13 per share, the upper end of its $11 – $13 price range, raising $98m.
Shares opened at $17.25 and…
