AVEO Pharmaceuticals Inc.'s initial public offering priced below expectations, resulting in $81 million in proceeds, the biotechnology company said Friday.
AVEO, which develops cancer therapies, sold 9 million shares for $9 apiece. It had hoped to raise about $98 million by selling 7 million shares at between $13 and $15 each.
This year, 11 IPOs have priced below expectations, and only seven have priced within the range initially set by the company and its underwriters. None have priced above.
A volatile stock market and economic worries have made it harder to sell investors on IPOs, which are perceived as riskier than publicly held companies.
AVEO shares are expected to begin trading on the Nasdaq Global Market under the symbol "AVEO" on Friday.
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