ARTICLE | Financial News

Vitae prices IPO below range

September 25, 2014 2:25 AM UTC

Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) was down $0.39 to $7.61 in its first day of trading Wednesday after raising $55 million through the sale of 6.9 million shares at $8 in an IPO on NASDAQ. The IPO price valued Vitae at $139 million. Stifel; BMO Capital Markets; JMP Securities; and Wedbush PacGrow are underwriters.

Earlier this month, Vitae said it planned to sell 5 million shares at $11-$13. At $12, Vitae would have raised $60 million and been valued at $186 million. ...