Source Photonics, Inc. files for IPO

JANUARY 2, 2007 -- The number of shares to be offered and the price range of the proposed offering have not yet been determined. However, parent MRV indicated the offering may reach $130 million.

JANUARY 2, 2007 -- MRV Communications Inc. (search for MRV) and Source Photonics, Inc. (a wholly owned subsidiary of MRV; search for Source Photonics) have filed a registration statement with the U.S. Securities and Exchange Commission for the proposed underwritten initial public offering of the Class A common stock of Source Photonics.

The number of shares to be offered and the price range of the proposed offering have not yet been determined. However, MRV indicated the offering may reach $130 million.

MRV will retain ownership of the company's Class B stock and control of the company.

Source Photonics was created when MRV subsidiary Luminent (search for Luminent) merged with Fiberxon (search for Fiberxon). The company offers a variety of optical modules for such applications as FTTH, enterprise, and metro networks.

The Luminent/Fiberxon merger was completed despite a financial scandal that prevented Fiberxon from finishing a final audit. (See story here.)

Cowen and Co. LLC and Credit Suisse Securities (USA) LLC are the joint bookrunning managers for the proposed offering. Co-managers for the offering are Needham & Co. LLC and Merriman Curhan Ford & Co.

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