The initial public offering of

Agere Systems

won't be priced until sometime next week, according to published reports citing

Morgan Stanley

, the chief underwriter of the new issue.

The offering was expected to price as soon as Thursday. The terms of the IPO have been revised twice already, and more changes

may be in the works. Agere is currently set to raise $7 billion through the offering.

The price range for the optical components segment of

Lucent Technologies

(LU)

currently stands at $12 to $14 a share, but it is unknown whether that level will hold up. Morgan Stanley wouldn't comment earlier this week on a possible repricing, but market rumors have led to speculation that the offering price could be lowered to $10 a share. The firm didn't immediately return calls seeking comment Wednesday.

Both Lucent and Morgan Stanley have been

struggling to get the Agere IPO off the ground and make the stock attractive to buyers in a tough market for new offerings. In February, Agere

lowered the expected price range of the IPO to $16 to $19 a share, with 370.3 million common shares set to be sold. That reduced the maximum potential from the offering to $7 billion, down from $7.4 billion.

Later that month, the company increased the number of shares in the offering to 500 million, but lowered the expected price range for the issue.