Concho Resources, an oil and gas company operating mainly in New Mexico and West Texas, priced its initial public offering at $11.50, 23% below the midpoint of the $14.00-$16.00 range, Thursday evening. The offering size was 20.9 million, just below the originally planned 21.2 million shares, with the difference resulting from fewer secondary shares sold than planned. JPMorgan and Banc of America were the bookrunners on the deal. The stock is expected to begin trading on Friday on the NYSE under the ticker "CXO."
