Source Photonics Files IPO

Source Photonics Inc. (formerly Luminent Inc.), a subsidiary of MRV Communications Inc., filed a registration statement for an initial public offering last week with the Security Exchange Commission.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The number of shares to be offered and the price range of the proposed offering have not yet been determined, MRV said. According to news reports, MRV indicated that the offering may total up to $130 million. MRV will retain ownership of the company's Class B stock and control of the company.

The proposed offering will be made only by means of a prospectus. Cowen and Company LLC and Credit Suisse Securities (USA) LLC are the joint managers for the proposed IPO.

Source Photonics makes optical communication products including passive optical network (PON) subsystems; optical transceivers used in the enterprise, access, and metropolitan segments of the market; and other optical components, modules and subsystems. It provides optical subsystems used in fiber-to-the-premise (FTTP) deployments to provide video, voice and data services. Its products are sold primarily to telecommunication systems vendors, including Alcatel-Lucent, Motorola Inc., Tellabs Inc., UTStarcom Inc. and ZTE Corp.

MRV acquired optical components and subsystems provider Fiberxon Inc. in July. Before the IPO is completed, MRV plans to transfer Fiberxon's outstanding shares to Source. (See also: Luminent and Fiberxon Become Source Photonics)

For more information, visit: mrv.com