JMP Group, a boutique investment banking, brokerage and asset management firm, priced just under 8mm shares at $11 apiece, slightly below the midpoint of its proposed $10.50-$12.50 range. The IPO price gives the firm a market capitalization of $229 million, which equates to roughly 25x its reported 2006 earnings. JMP, Merrill Lynch, and Keefe Bruyette Woods managed the deal. The stock is expected to open for trading Friday morning under the symbol "JMP" on the NYSE.
