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Duke holds off on IPO
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May 25, 2000: 7:25 p.m. ET
Duke Energy Field Resources postpones $500 million; More.com withdraws
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NEW YORK (CNNfn) - On the same day the strong debut of Sonus Networks beat most expectations, Duke Energy Field Services postponed its $521 million initial public offering because of market volatility.
Denver-based Duke Energy Field Services is the nation's leading producer of natural gas liquids and a subsidiary of Duke Energy Corp. (DUK: Research, Estimates)
The company planned to trade on the New York Stock Exchange under the symbol DEFS. It was expected to price 26.3 million shares between $20 and $22.
 Duke Energy Corp. said in a statement it would take its subsidiary public when market conditions are more favorable. The lead underwriter for the IPO is Morgan Stanley Dean Witter.
Duke Energy Corp. currently owns 69.7 percent of its Field Services subsidiary, while Phillips Petroleum (P: Research, Estimates) owns the other 30.3 percent.
First Horizon Pharmaceutical Corp. also decided to wait on its pricing, but only a few days.
The company, which sells 11 brand name prescription drugs to primary care and specialty physicians, was expected to price Thursday but decided to wait until Tuesday to price it deal, the underwriters said.
First Horizon plans to offer 3.8 million shares at $12 to $14 each through underwriters led by Chase H&Q. The proposed Nasdaq symbol is FHRX.
But online drugstore More.com decided to call it quits altogether. The company withdrew its proposed $86 million debut but did not give reasons for the withdrawal.
The company, which was to trade on the Nasdaq as MORE, had not decided on how many shares to trade or a projected price range. The lead underwriter for the deal was Merrill Lynch & Co.
More.com lost nearly $35 million in 1999 with revenue of nearly $3 million. 
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