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News > Technology
Qualcomm delays IPO
November 2, 2000: 8:09 a.m. ET

Spinco offering put off; market conditions cited
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NEW YORK (CNNfn) - The new issues market took another hit Thursday with Qualcomm Inc.'s decision to delay the initial stock offering of its Spinco unit until January.

San-Diego-based Qualcomm (QCOM: Research, Estimates) cited poor market conditions for postponing the issue. Qualcomm Spinco, which originally filed in July for the new issue, had yet to set terms. The subsdiary had filed to raise $100 million via an initial public offering of stock co-led by Lehman Brothers and Goldman Sachs, and it was expected to come to market in the fourth quarter.

The Spinco postponement follows a decision by Marshall & Ilsey Corp.  (MI: Research, Estimates) on Wednesday to pull the IPO of Metavante Corp., also due to poor market conditions.

graphicQualcomm Spinco designs chips and software for wireless telephone and network equipment based on the wireless technology known as Code Division Multiple Access. In the July filing with the Securities & Exchange Commission, Qualcomm said it expected to complete the spin-off of Spinco by next August.

Qualcomm pioneered the development of digital wireless products and was a top U.S. supplier of cell phones. The company now develops CDMA chipsets, Eudora email software for Windows and Macintosh platforms.

Qualcomm is due to report quarterly results after the market closes Thursday. Its stock fell $3.59 to close at $61.50 Wednesday. graphic

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