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To: Smart_Money who wrote (20243)	10/4/2001 1:34:27 PM
From: Frederick Langford	Read Replies (1) \| Respond to of 208838

Given Imaging debuts symbolic IPO Deal is first since terror blast By Steve Gelsi, CBS.MarketWatch.com Last Update: 11:30 AM ET Oct. 4, 2001 NEW YORK (CBS.MW) -- Israel-based Given Imaging Ltd. generated a small gain in its Thursday debut as the first company to launch an initial public offering since the Sept. 11 terrorist blast wiped the calendar clean. FRONT PAGE NEWS U.S. bulls take charge again Dell affirms Q3 revenue, profit targets EIA sees lower heating fuel bills this winter Attacks highlight strengths at Enron Market news and more! Sign up to receive FREE email newsletters Get the latest news 24 hours a day from our 100-person news team. No IPO has kicked off since the middle of August. Although the sector has been hard-hit, IPOs were scheduled to restart after the traditional summer lull last month, but all bets were off after Sept. 11. Despite the fact that it was knocked out of its headquarters and forced to move to backup offices in Jersey City, N.J., underwriter Lehman Bros. (LEH: news, chart, profile) pushed the deal through for its debut on Thursday. Given Imaging (GIVN: news, chart, profile) opened at $12.60 per share, comfortably above its $12 price. It traded at $12.58 on volume of 2 million in midday traffic. The stock debuted at the bottom of its $12 to $14 range, illustrating that wariness over IPOs remains despite gains by the stock market in recent days. Given Imaging raised raising $60 million by offering 5 million shares. It's an accomplishment that the deal has been done since IPOs have been withdrawn on a daily basis in the face of withering market conditions. Nor does Given Imaging doesn't offer any access to profits -- often a requirement for companies going public nowadays. The maker of a pill that contains a wireless video camera has yet to record any significant revenue, but it received approval from the Food & Drug Administration over the summer for its product and filed the IPO shortly thereafter. Patients swallow its wireless video camera-in-a-capsule to give doctors a close-up view of their small intestine, in color, as it winds its way through the body. The FDA cleared use of the pill, but only in conjunction with standard intestinal exams, in which tubes fitted with cameras are inserted down the throat. Each Given Imaging pill costs about $450 and their use requires a $20,000 computer workstation. Besdes Lehman Brothers, underwriters include CS First Boston, Robertson Stephens and Fidelity Capital Markets. Although the IPO filing came quickly after the regulatory move, Given Imaging has already been on the radar screen of stock watchers such as the Amidex Fund (AMDEX: news, chart, profile), which follows and invests in leading Israeli technology companies. A 120-employee company, Given recorded no revenue last year and had a loss of $7.5 million. It was founded in 1998 by Gavriel Meron, who previously worked at APPLItec Ltd., an Israeli designer and manufacturer of video cameras and systems for the medical endoscopy market. Israel's Elron Electronic Industries (ELRN: news, chart, profile) owns a 15 percent interest in Given Imaging. Shares of Elron rose 17 cents to $11.20 on Thursday.

To: Smart_Money who wrote (20243)	10/4/2001 1:46:56 PM
From: yossarian67	Read Replies (1) \| Respond to of 208838

GIVN 1---60% of the float traded in first three hours after open is really not heavy volume for an IPO at all...actually rather light 2---With a plane full of Israelis being blown up over the Black Sea, now may not be the time to pile into a speculative Israeli company with no history of any revenues whatsoever. Technology is pretty cool, but this offering is more of a late '99 early '00 type....sure it may get pumped day 1, but it's one of the weaker IPO's to hit all year long.