Avaya Holdings withdraws $1.0 billion IPO following bankruptcy

IPO of Avaya Holdings, a telecom equipment maker specializing in enterprise network, telephony and call center technology, withdrew its plans for an initial public offering on Monday citing its Chapter 11 bankruptcy filing. It originally filed in June 2011 with an estimated deal size of $1.0 billion.

The Santa Clara, CA-based company was founded in 2000 and booked $4.1 billion in sales for the 12 months ended September 30, 2015. It had planned to list on the NYSE under the symbol AVYA IPO. Morgan Stanley, Goldman Sachs, J.P. Morgan, Citi, Deutsche Bank, BofA Merrill Lynch, Barclays, UBS Investment Bank and Credit Suisse were set to be the joint bookrunners on the deal.

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