NEW YORK-After trimming the size and price of its initial public offering, Transcrypt International Inc. went public Jan. 22 by issuing 2.9 million shares of common stock at $8 each.
The Lincoln, Neb., company develops fraud protection systems for wireless and wireline voice and data communications. It also has introduced a new line of digital radios for public safety use.
In its registration with the Securities and Exchange Commission last year, Transcrypt initially estimated an IPO of 3.75 million shares in a price range of $12 to $14. The final offer of 2.9 million shares at $8 apiece was below a revised pricing range of $10 to $12, according to Dain Bosworth Inc., Minneapolis, lead underwriter.
Transcrypt stock, which trades on Nasdaq, rose to $8.75 per share early in its first day of trading, and closed at $8.937.
