NEW YORK-Alcatel Alsthom, Paris, took its Optronics division public Oct. 20 below the expected price range, and will use the equity raised to help the rest of its enterprise.
The wireline and fixed wireless infrastructure provider, which counts the United States as its single-largest market, raised nearly $1.2 billion in the sale. Morgan Stanley Dean Witter was lead underwriter.
The issue of 16.5 million Class O American Depository Receipts, which track the company’s optical networking equipment business, sold for $71.95 each. The expected price range was $74.85 to $88.06.
“Alcatel will receive all of the proceeds from this offering and will not allocate them to the Optronics division,” the company said.
“Alcatel intends to use the net proceeds for general corporate purposes.”
