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Concho Prices Low IPO

Concho Resources Inc., a Midland, Texas-based oil and gas company focused on the Permian Basin of Southeast New Mexico, raised $240.24 million via its IPO. The company priced 20.89 million common shares at $11.50 per share ($14-$16 range), for an initial market cap of $833.75 million. It will trade on the NYSE under ticker symbol CXO, while JPMorgan and Banc of America Securities served as co-lead underwriters. Shareholders include Yorktown Energy Partners.