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ONI Systems IPO delayed
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May 26, 2000: 11:24 a.m. ET
Infrastructure offering set for next week; three other deals postponed
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NEW YORK (CNNfn) - The week's mostly highly anticipated IPO -- ONI Systems Corp. -- will price its deal next week, underwriters said Friday.
"The deal is not yet effective with the Securities and Exchange Commission," Goldman Sachs said. ONI's deal is slated to price on Tuesday, May 30, but could slip into the later part of the week.
ONI System's decision follows a strong performance from Sonus Networks. On Thursday, Sonus (SONS: Research, Estimates) shares climbed 120 percent in their market debut, one of the strongest performances for an IPO since a broad market sell-off caused many companies to pull or delay their deals. Sonus, based in Westford, Mass., provides hardware and software products for packet-based networks.
ONI Systems, a developer and marketer of optical networking equipment, plans to offer eight million shares at $21 to $23 each, up from the original $14 to $16 a share, through underwriters led by Goldman Sachs. The deal has been on the calendar to price since Tuesday.
ONI Systems, based in San Jose, Calif., provides equipment to communications providers to relieve traffic bottlenecks on metropolitan and regional networks. The company's proposed symbol is ONIS.
Customers include Williams Communications, COLT Telecom, Marietta Fibernet and StorageNetworks. Competitors include Alcatel, CIENA, Cisco Systems, Juniper Networks, Lucent Technologies, Nortel Networks, Siemens, Sycamore Networks and Tellabs.
For the three months ended March 31, ONI reported a net loss of $34.2 million on revenue of $3.6 million compared with a net loss of $4.9 million on revenue of $565,000 for the same time period in 1999.
Other deals
Friday's three other deals decided either to postpone or wait until next week. Duke Energy Field Services chose to postpone its deal because of market volatility. Duke Energy is the nation's leading producer of natural gas liquids and a subsidiary of Duke Energy Corp. (DUK: Research, Estimates). Duke had planned to offer 26.3 million shares at $20 to $22 each through underwriters led by Morgan Stanley Dean Witter. Duke's proposed Nasdaq symbol was DEF.
Underwriters for NRG Energy Inc., a global energy company engaged in the acquisition and operation of power plants, said the deal is on tap to price on Tuesday and trade Wednesday. NRG, based in Minneapolis, plans to offer 28.17 million shares at $16 to $18 each through underwriters led by Salomon Smith Barney. The company's proposed Nasdaq symbol is NRG.
First Horizon Pharmaceutical Corp., which sells 11 brand name prescription drugs to primary care and specialty physicians, is also expected to price Tuesday. First Horizon, based in Roswell, Ga., plans to offer 3.8 million shares at $12 to $14 each through underwriters led by Chase H & Q. The company's proposed Nasdaq symbol is FHRX. 
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