Ubiquiti Lowers IPO Price Range

Summit Partners-backed Ubiquiti Networks has lowered the expected price range for its IPO from between $20 and $22 per share to between $15 and $17 per share. Ubiquiti provides wireless networking products and solutions, and its IPO is expected to include about 7 million shares of common stock, 2.4 million of which are being offered by the company. The other 4.6 million shares are being offered by certain stockholders, including Summit. Ubiquiti intends to list on the NASDAQ under the symbol UBNT.