Source Photonics Plans IPO

0

Telecommunications component maker Source Photonics Inc., a subsidiary of Chatsworth-based MRV Communications Inc., is planning an initial public offering, the companies said Wednesday.

The number of shares to be offered and their price range have not yet been determined, though the companies indicated the offering may total up to $130 million, according to a filing with the U.S. Securities and Exchange Commission. Shares would be listed on the Nasdaq Global Market.

Source makes optical subsystems used to transmit high-bandwidth video, voice and data, such as Voice-over-Internet-Protocol services. Its customers include Alcatel-Lucent, Motorola Inc. and Tellabs Inc. Source, formerly known as Luminent Inc., had 1,486 employees and full-time contractors worldwide as of the end of the third quarter.

For the nine months ended Sept 30, Source posted a loss of around $1.4 million, compared to a $311,000 loss for the same period a year earlier. Revenue during that period increased 40 percent to $93 million.

MRV will continue to own all of Source’s outstanding Class B common stock and control the company after the IPO. At a future date, MRV may spin off of its remaining stake in Source through a special dividend to common stockholders, MRV said.

No posts to display