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Wavesplitter pulls IPO
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March 12, 2001: 11:49 a.m. ET
Lucent-backed company cites market conditions for withdrawing $110M issue
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NEW YORK (CNNfn) - Wavesplitter Technologies Inc., whose investors include Lucent Technologies, formally withdrew its planned IPO Monday.
Market conditions did not support a public offering of its stock at this time, the company said in a letter to the Securities and Exchange Commission.
Fremont, Calif.-based Wavesplitter had planned to offer 10 million shares at $9 to $11 each via lead underwriter Goldman Sachs. The company had planned to trade under the Nasdaq symbol "WVSP."
 Wavesplitter develops and makes optical components and modules for use in optical communication networks. Customers include Corning Inc. (GLW: Research, Estimates), Corvis Corp. (CORV: Research, Estimates), NEC Corp. and Lucent Technologies (LU: Research, Estimates).
Lucent, through entities affiliated with Lucent Venture Partners, would have had an 8.6 percent stake and Mayfield Fund a 13.7 percent stake after the IPO.
Allentown, Pa.-based Agere Systems Inc., another firm backed by Lucent, also plans an IPO. The microelectronics unit plans to offer 500 million shares at $12 to $14 each via lead underwriter Morgan Stanley Dean Witter.
The $7 billion Agere offering now is slated to begin trading next week, underwriters said. Agere plans to trade under the New York Stock Exchange symbol "AGR.A."
In late morning trading, shares of Lucent Technologies fell 57 cents to $11.77. 
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