Vivid Technologies Inc, Woburn, Massachusetts maker of automated inspection systems to detect plastic and other explosives in airline baggage, might have been thought to have been a dead cert in today’s nervy climate, but the company got its initial public offering of 2 million shares, all new, away at the $12 basement of its target range of $12 to $14 a share. The company wants $5.8m of the cash to redeem some non-convertible redeemable preferred stock and the rest is for working capital. Lead underwriter for the issue was Lehman Brothers Inc.
Colt Telecom Group Plc, London Metropolitan Area Network builder and operator, launched a tranche of senior discount notes hard on the heels of its initial public offering for Nasdaq. It raised $175m before expenses with an issue of units consisting of one senior discount note, face value $1,000 and one warrant. The notes pay 12%, mature on December 15 2006. Lead manager was Morgan Stanley & Co Inc.
