Tracon takes haircut, raises $36M in IPO

Oncology company Tracon Pharmaceuticals Inc. (NASDAQ:TCON) lost $0.60 to $9.40 in its first day of trading on Friday after raising $36 million in an IPO on NASDAQ through the sale of 3.6 million shares at $10. The price valued Tracon at $120.9 million, including shares purchased by New Enterprise Associates in a concurrent $5 million private placement at the IPO price.

Last week, Tracon said it planned to sell 3.6 million shares at $12-$14. At $13, Tracon would have raised $46.8 million and been valued at $155.7 million. Wells Fargo; Stifel; Needham; and Oppenheimer are underwriters. ...