March 18 (Reuters) - Shares of Goldman Sachs BDC Inc , a business development company backed by Goldman Sachs Group Inc, fell 2.5 percent in their debut, valuing the company at about $690 million.
Goldman Sachs BDC is the first business development company backed by an investment bank to go public in the United States.
The company raised about $120 million after its offering of 6 million shares was priced at $20 per share, the low end of the expected range of $20-$21.
The stock hit a low of $19.50 in morning trading on the New York Stock Exchange on Wednesday.
Business development companies, which invest in small- and medium-sized companies, pay out at least 90 percent of their taxable income as dividends as they pay very little or no corporate taxes.
BofA Merrill Lynch, Goldman Sachs and Morgan Stanley were lead underwriters for the IPO. (Reporting by Neha Dimri in Bengaluru; Editing by Kirti Pandey)