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Cowen Prices IPO Below Expectations

Stock quotes in this article: TWPG , BBX , MS  

Cowen, the investment banking arm of France's Societe Generale, priced a $179.5 million initial public offering Wednesday night at $16 a share, according to published reports.

The firm, which first filed to go public in March, priced shares well below an expected range of $19 to $21, according to Dow Jones Newswires. The stock will begin trading Thursday under the symbol COWN.

Cowen's IPO, and first day of trading, will be closely watched by Wall Street as an indication of how the market is receiving investment banking shares. So far, analysts aren't encouraged. ...

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