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Agere IPO slips to next week
March 21, 2001: 11:56 a.m. ET

Lucent unit to change terms for a third time, price next week
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NEW YORK (CNNfn) - The highly anticipated initial public offering from Agere Systems Inc. will issue revised terms Thursday and the offering will price next week, a source familiar with the situation told

The revision will be the third time Agere has modified its terms. On Monday, reported that the IPO would be revised and could price later this week, but more likely next Monday.

Agere, the microelectronics unit of Lucent Technologies, could have raised $7 billion, ranking it as the largest U.S.-based IPO since AT&T Wireless Group's (AWE: Research, Estimates) $10.6 billion offering last year.

On Feb. 26, Agere revised its planned offering for the second time and said it expected to sell 500 million shares at $12-to-$14 each via Morgan Stanley Dean Witter. Agere plans to trade under the New York Stock Exchange symbol "AGR.A."


Verisity Ltd., a provider of technology to verify the designs of chips, rose nearly 20 percent Wednesday as the first and only IPO to begin trading this week.

Verisity gained $1.63 to $8.63 on the Nasdaq in afternoon trading and probably will emerge as the only offering to be priced this week.

The company raised $23.3 million late Tuesday, less than expected. The company sold 3.335 million shares at $7 each, below its expected $8 to $10 range, via lead underwriter Robertson Stephens.

Mountain View, Calif.-based Verisity (VRST: Research, Estimates) provides technology that helps detect flaws in semiconductors. Principal customers include Cisco Systems (CSCO: Research, Estimates), Hewlett-Packard (HWP: Research, Estimates), Alcatel and Texas Instruments (TXN: Research, Estimates). Verisity had a loss of $4.4 million on $21.5 million in revenue in fiscal 2000.  graphic