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Agere IPO on target
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December 11, 2000: 10:19 a.m. ET
Lucent spinoff sticks to March 2001 target date despite skittish IPO market
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NEW YORK (CNNfn) - Agere Inc., the microelectronics unit of Lucent Technologies that some predict could emerge as the largest initial public offering in history, said Monday it intends to conduct its IPO on target by the end of March.
In a filing made with the U.S. Securities and Exchange Commission, Agere, a semiconductor maker based in Allentown, Pa., said it has chosen Morgan Stanley Dean Witter to underwrite the offering, which some analysts estimate could raise up to $20 billion.
That would easily make the company the largest U.S. IPO in history, nearly doubling the $10.6 billion AT&T Wireless raised earlier this year, and also outpace the world's largest IPO on record -- Enel SPA's $16.5 billion float.
The decision to retain Agere's target float date, although still subject to change, comes amidst a skittish IPO market that has seen several once-promising new issues either reduce their targeted price range dramatically or postpone their offerings outright.
Murray Hill, N.J.-based Lucent (LU: Research, Estimates), the world's No. 1 telecommunications equipment maker is planning to sell up to a 20 percent stake in Agere in the IPO, then complete the company's spin-off by distributing the remaining stake tax free to shareholders later in the summer.
Lucent shares gained 50 cents to $15.94 in early trading Monday.
-- from staff and wire reports 
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