Cnova prices IPO at $7, well below the range

Cnova, a French and Brazilian e-commerce discounter spun out of retail giant Casino, raised $188 million by offering 26.8 million shares at $7, well below the range of $12.50 to $14.00. Cnova will list on the NASDAQ under the symbol CNV. Morgan Stanley, J.P. Morgan, BofA Merrill Lynch, Credit Suisse and Deutsche Bank acted as joint bookrunners on the deal.