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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Chuzzlewit who wrote (9066)	8/6/1999 5:59:00 PM
From: Wolverine	Respond to of 21876

Sycamore Networks files for $115 million IPO WASHINGTON (Reuters) - Sycamore Networks Inc., a developer of optical networking equipment that relieves data traffic congestion, said Friday it planned to raise $115 million through an initial public offering of stock. The Chelmsford, Mass., company did not disclose how many shares would be offered in the IPO, their estimated price range or other details in its preliminary filing with the U.S. Securities and Exchange Commission, but those terms and others are expected in subsequent filings. Sycamore's products are designed to transmit data directly on wave lengths of light for transmission over fiber optic cable, helping public networks meet the growing demand for high-speed data applications amid exploding Internet growth. ``This will improve the efficiency of the network because data can be moved across the network and managed entirely in the optical domain,' Sycamore said in the filing. The company's target telecommunications customers include competitive local exchange carriers, long distance carriers, cable operators, foreign telephone companies and Internet service providers. For now, Sycamore, founded in 1998, has only a handful of customers, including Williams Communications Inc., a unit of Tulsa-Okla.-based Williams Cos. Inc., the advanced communications and energy services company, the filing said. Sycamore's competitors include vendors of optical network equipment like Lucent Technologies Inc. and Nortel Networks Corp., two giants of the telecommunications equipment industry. The company is the latest networking venture of Desh Deshpande and Dan Smith, the former management team of Cascade Communications, a pioneer in the field of high-speed corporate data communications over the Internet. In 1997, the executives sold the company to Ascend Communications, which was in turn acquired by Lucent two months ago. Sycamore, located online at www.sycamorenet.com, plans to use the net proceeds from the IPO for general corporate purposes, including working capital, capital expenditures and debt repayment, the filing said. It has applied to trade the shares on Nasdaq under the ticker symbol ``SCMR,' and the underwriters are Morgan Stanley, Lehman Brothers, J.P. Morgan and Dain Rauscher Wessels.