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Strong demand for the first European biotech IPO of the year may signal an increased appetite for risk from European investors. It also meant venture investors in Adocia S.A.S. did not have to put nearly as much cash into the IPO as they had expected.

The French company raised €25.3 million ($33.6 million) last week through the sale of 1.6 million shares at €15.88 per share in a bumped-up IPO on Euronext Paris and a private placement outside the U.S. The price gives Adocia an opening market cap of about €96.1 million ($127.6 million)...