IPO watch

Neovacs S.A. completed its IPO on Euronext's Alternext Exchange in Paris, and although the amount raised was small, the 7% haircut it took on its potential valuation also was not as dreadful as deals that have priced in the U.S. this year.

The autoimmune and inflammation company raised €10 million ($13.6 million) through the sale of 2.1 million shares at €4.80. The price values the company at €61.7 million ($84 million) based on 12.9 million shares outstanding...