Non-Shake Shack IPOs: InfraREIT rises after $460M offering; Spark Therapeutics' value doubles

Markets Associated Press

While the initial public offering of burger chain Shake Shack was the center of attention Friday, a spate of other companies also made their public debuts.

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The largest IPO of the bunch, surpassing even Shake Shack, was InfraREIT Inc. The company's offering priced above expectations and raised $460 million before expenses, sending the shares higher in afternoon trading.

InfraREIT is a real estate investment trust that owns electric transmission and distribution assets in Texas. Its IPO of 20 million shares priced at $23 per share, and the stock gained $3.60, or 15.7 percent, to $26.60. The stock is trading under the ticker symbol "HIFR."

Shares of Spark Therapeutics more than doubled in value, as its $161 million IPO also priced above expectations. The company expanded its offering to 7 million shares and said they priced at $23 each. Spark Therapeutics Inc. is studying gene therapy treatments for disorders of the retinas and the blood, and its stock rose $27 to $50. The shares are trading under the ticker symbol "ONCE."

Avinger Inc. said its IPO raised $65 million before expenses. The company sells an image-guided, catheter-based system to treat peripheral arterial disease, and it sold 5 million shares — up from 4.6 million shares — for $13 each, which was in line with its estimates. Trading under the symbol "AVGR," its stock picked up 50 cents, or 3.9 percent, to $13.50.

Tracon Pharmaceuticals' IPO priced below expectations, raising $36 million, and its shares fell 60 cents, or 6 percent, to $9.40. The company's offering of 3.6 million shares priced at $10 each. Tracon is developing antibodies intended to treat cancer, fibrotic diseases, and age-related "wet" macular degeneration. Its ticker symbol is "TCON."

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Shake Shack Inc.'s IPO raised $105 million, and its stock more than doubled to $45.90 from $21 on Friday.