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Kraft files $5B IPO
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March 16, 2001: 6:53 p.m. ET
Co-led by CSFB, Salomon Smith Barney, offering has been expected
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NEW YORK (CNNfn) - Kraft Foods Inc., a unit of Philip Morris Co. Inc., filed Friday for an initial public offering that could raise $5 billion, ranking it among the top 10 of U.S.-based offerings.
The much anticipated IPO from Kraft will be co-led by Credit Suisse First Boston and Salomon Smith Barney, the company said in a filing with the Securities and Exchange Commission.
Kraft, whose products include Oscar Mayer hot dogs and JELL-O, has yet to specify the number of shares it will offer and their price range. The company plans to trade on the New York Stock Exchange, under the symbol "KFT."
 The $5 billion IPO from Kraft, the nation's largest branded food and beverage company, could place the IPO among the top 10 of U.S.-based new issues, behind the $5.5 billion IPO from United Postal Services Inc. (UPS: Research, Estimates). but ahead of Conoco Inc. (COC: Research, Estimates).
On Thursday, Prudential Insurance Co. of America filed an application with New Jersey regulators to demutualize, becoming the latest insurance company to tap the equity markets. The Prudential IPO, which analysts said could raise $4 billion, could also place among the top 10 U.S.-based issues.
The $6.5 billion IPO from Agere Systems Inc. is also expected to begin trading next week. Agere plans to sell 500 million shares at $12 to $14 each via Morgan Stanley Dean Witter. The microelectronics unit of Lucent Technologies (LU: Research, Estimates) expects to trade early next week under the New York Stock Exchange symbol "AGR.A."
If successful, the Agere IPO could rank as the second largest U.S.-based IPO at $6.5 billion.
Analysts had expected the Kraft IPO in the first half of this year and estimated the deal could raise $5 billion-to-$10 billion.
Parent Philip Morris bought Nabisco Holdings Corp., the maker of Oreo cookies and Ritz crackers, for $14.9 billion last June. Philip Morris was expected to sell a minority stake in Kraft, about 15-to-20 percent. Philip Morris will continue to hold all the common stock it owns after the IPO, Kraft said in an SEC filing.
Kraft had $26.5 billion in revenue on $2 billion in earnings in 2000.
Shares for Philip Morris (MO: Research, Estimates) gained 89 cents to close at $48.15 Friday.
Millipore
Millipore MicroElectronics Inc., a unit of Millipore Corp., also filed Friday to raise $150 million in an IPO. Millipore make and develops products to measure and purify liquids and gases.
Bedford, Mass.-based Millipore MicroElectronics had yet to specify the number of shares it will offer and their price range. The company plans to trade on the NYSE but has yet to designate a symbol.
Millipore Corp. (MIL: Research, Estimates), also of Bedford, Mass., is spinning off the unit and plans to complete the divestiture six months after the IPO by distributing shares to stockholders, the company said in an SEC filing.
Banc of America Securities and Salomon Smith Barney are lead underwriters on the Millipore Micro IPO.
Shares for Millipore lost 95 cents to close at $50 Friday. 
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