Chorum Pulls IPO
The subsystems and components maker filed for its IPO on Halloween day last year and, in December, the company set its price terms at $16 to $18 on 8 million shares. The offering could have raised $136 million for Chorum. The firm's lead banker on the offering was Credit Suisse First Boston.
Chorum, of course, isn't alone here (see IPO Window Shuts Tighter). On Monday, Lucent-backed WaveSplitter Technologies Inc. withdrew its IPO bid, citing market conditions. The offering could have raised up to $110 million for the optical component maker. WaveSplitter’s decision comes one working day after OMM Inc. withdrew its filing. OMM’s planned offering could have raised $99 million (see Tough Seas for New IPOs, OMM, and Wavesplitter Files for $155 Million IPO).
Chorum recognized revenues of $6.1 million for the three months ending December 31, 2000, and all of that revenue came from shipments of its optical filters to Nortel Networks Corp. (NYSE/Toronto: NT). In the prior quarter, Chorum recognized $3 million in revenues from the same business.
On Wednesday Chorum announced two new products that are designed to improve the performance of DWDM (dense wavelength-division multiplexing) systems (see Chorum Announces Two Products).
-- Phil Harvey, senior editor, Light Reading http://www.lightreading.com