Anda Networks Withdraws IPO Filing
Anda Networks today decided that continuing with its current IPO plans would be like parachuting into a live volcano.
The San Jose-based equipment maker just quietly withdrew its $100 million initial public offering because of unfavorable market conditions, according to a filing with the Securities and Exchange Commission. The company, co-founded by Wu-Fu Chen, its current chairman, originally filed to go public in August (see Wu-Fu Chen ).
Anda makes multiservice access platforms for telecom service providers. Its product consists of a chassis, service and interface cards, and software that lets service providers deliver voice and data over a single access network. The company says its product reduces service providers' investment in legacy equipment by allowing four subscribers to share each port on an existing Class 5 switch.
Anda has raised at least $96 million in venture funding to date (see Anda Completes $70M Round). Last year it lost $12.1 million, and during the first six months of 2000 it lost $27.1 million.
-- Phil Harvey, senior editor, Light Reading http://www.lightreading.com