Spero raises $77M in IPO

Spero Therapeutics Inc. (NASDAQ:SPRO) sank 18% on its first day of trading Nov. 2 after raising $77 million on Nov. 1 through the sale of 5.5 million shares at $14 in an IPO underwritten by BofA Merrill Lynch, Cowen, Stifel and Oppenheimer. The price was was at the bottom end of Spero's proposed range, valued the company at $194.6 million.

Last month, Spero hoped to sell 5 million shares at $14-$16. At the $15 midpoint, a sale of that many shares would have raised $75 million and valued Spero at $201 million...