Optical network company InnoLight Technology withdraws $100 million IPO

InnoLight Technology, which manufactures high-speed optical transceivers for data networks, withdrew its plans for an initial public offering on Thursday. It originally filed in June 2015 with a proposed deal size of $100 million. It last filed an amendment to its application in August 2015. Public peer Acacia Communications (ACIA) is the top performing IPO of 2016, up 216% from its May IPO.

Primary shareholders include Google Capital, Suzhou Oriza Holdings, Lightspeed China Partners, ITC Vision, Hsing Hsien Kung and Sheng Liu.

The Suzhou, China-based company was founded in 2008 and booked $152 million in sales for the 12 months ended June 30, 2015. It had planned to list on the Nasdaq under the symbol INLT. Credit Suisse and Barclays were set to be the joint bookrunners on the deal.