Bellerophon falls after $60M IPO

Bellerophon Therapeutics LLC (NASDAQ:BLPH) lost $3.03 (25%) to $8.97 in its first day of trading Friday after raising $60 million in an IPO on NASDAQ through the sale of 5 million shares at $12. The price valued Bellerophon at $154.9 million; it ended the day with a market cap of $115.8 million. Leerink; Cowen; SunTrust Robinson Humphrey; and FBR were underwriters.

Last week, Bellerophon proposed to sell 4 million shares at $14-$16. At $15, it would have raised $60 million and been valued at $178.6 million. The cardiovascular company originally filed to raise up to $69 million in the offering. ...