Funds News

Goldman Sachs BDC IPO priced at $20 per share -market source

March 17 (Reuters) - The initial public offering of Goldman Sachs BDC Inc has been priced at $20 per share, a market source said on Tuesday, valuing the business development company backed by Goldman Sachs Group Inc at about $707.6 million.

At that price, the IPO would raise about $120 million. The price is at the low end of the expected range of $20-$21 per share.

Goldman Sachs BDC Inc, which is selling all of the 6 million shares in the offering, is the first business development company backed by an investment bank to go public in the United States.

Shares are expected to start trading on Wednesday under the symbol “GSBD” on the New York Stock Exchange.

BofA Merrill Lynch, Goldman Sachs & Co and Morgan Stanley are among the major underwriters for the offering. (Reporting by Avik Das in Bengaluru; Editing by Leslie Adler)