In the IPO market, the silence is almost deafening. And, expect things to
get even quieter.
Not long ago high-tech IPOs dominated the calendar. Nevermore. Now, it
seems that only mundane companies do well, such as energy firms.
But there is an IPO to keep an eye on for next week:
Luminent. The
company develops single mode fiber optic components and subsystems for
long-haul telecom networks. The product line is quite broad, including
active and passive components. Active components require electrical power
to transform optical signals (examples include receivers, transmitters,
laser and modulators). As for passive components, these are used to direct,
split and merge optical signals - yes, without using electricity. Examples
of Luminent products: couplers, isolators, fiber gratings, film filters and
wavelength division multiplexing (WDM).
The global usage of the Net means that telecom networks are getting
congested. Instead of constructing new networks, why not make the existing
networks better? It is definitely a lucrative marketplace, and Luminent is
a prime beneficiary.
Of course, the market is forecasted to continue its strong growth.
According to a study by Ryan, Hankin & Kent, the market for fiber optic
components was about $6.6 billion in 1999; by 2003, the market is expected
to surge to $23 billion.
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The lead underwriter is CS First Boston and the price range is $13-$15 (the
company plans to sell 12 million shares). The proposed ticker symbol is
LUMN.
Another promising IPO is Computer Access
Technology (CAT). The company develops verification systems and
connectivity products for digital communications standards like USB, IEEE
1394, Bluetooth and Ethernet. Basically, the systems help along each phase
of a product development and deployment cycle.
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Over the next few years, there is expected to be strong demand for digital
appliances. To make these things work, the devices need to be interoperable
across a myriad of data delivery systems.
The lead underwriter is Robertson Stephens and the price range is $12-$14
(the company intends to issue 3.5 million shares). The proposed ticker
symbol is CATZ.
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