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Agere boosts IPO shares
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February 26, 2001: 12:02 p.m. ET
Lucent microelectronics unit to open end of March, boosts shares to 500M
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NEW YORK (CNNfn) - Agere Systems Inc. further refined its planned IPO, raising the number of shares it planned to offer but cutting its price range.
Agere Systems, the microelectronics unit of Lucent Technologies, now plans to offer 500 million shares at $12-to-$14 each via lead underwriter Morgan Stanley Dean Witter. On Feb. 20, the company filed with the Securities and Exchange Commission to sell 370.3 million shares at $16-to-$19 each.
Allentown, Pa.-based Agere Systems is offering 300 million shares while Morgan Stanley plans to sell 200 million. Agere initially filed with the  Securities and Exchange Commission in December.
Agere will still raise about $7 billion, at the high end of its planned range, the same amount the offering was slated to raise when it was refined last week. A $7 billion IPO would rank it as the largest this year and the biggest U.S.-based offering since AT&T Wireless's (AWE: Research, Estimates) $10.6 billion IPO in April 2000.
The Agere Systems IPO is still on track to open at the end of March, a spokeswoman said, and has received approval to trade under the New York Stock Exchange symbol "AGR.A."
Allentown, Pa.-based Agere makes and designs optoelectronic components for communications networks and integrated circuits for computer equipment. Agere is a leader in the sales of communications semiconductors.
Agere is currently a wholly owned subsidiary of Lucent (LU: Research, Estimates) which plans to distribute shares to Lucent stockholders by the end of the current fiscal year on Sept. 30. The distribution would complete the spinoff.
Shares of Lucent gained 16 cents to $12.56 in midday trading Monday. 
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