Lucent Technologies Inc, currently wholly-owned by AT&T Corp, has filed with the US Securities & Exchange Commission to go public with an initial offer of 110.0m shares at a target price of $22 to $25. After the offering, AT&T will own between 80.4% to 82.5% of the shares, and plans to distribute its entire holding to its shareholders later in the year. It says 97.0m shares will be sold in the US and Canada and 14.0m shares in other countries. Assuming a price of $23.50 a share, it estimates net proceeds will be be $2,500m, which will go to repay about $2,500m of debt; it also expects to borrow up to $3,000m before the closing. The offering will be made through underwriters led by Morgan Stanley & Co Inc, Goldman, Sachs & Co, Merrill Lynch & Co, Bear Stearns & Co Inc, CS First Boston, J.P. Morgan & Co and PaineWebber Inc.
