Cannabis BDC Altmore sets $14.50-$15.50 price range in IPO


Altmore BDC Inc., which invests in senior secured term loans for cannabis operators in the U.S., on Wednesday said it expects its initial public offering of 6.66 million shares to price at $14.50 to $15.50 a share for trading on the Nasdaq under the symbol ABDC. At the midpoint of the range, the McLean, Va., company will raise about $100 million. Altmore Capital Investment Management, LLC will serve as the BDC’s investment adviser and oversee its operations. Ladenburg Thalmann, Compass Point and Oppenheimer & Co are underwriting the BDC, according to a filing. Stegen Ham, chairperson of Altmore’s board of directors, previously worked as CFO of N12 Technologies Inc. and a partner of Rainmaker Company. He’s been a manager at Altmore Capital Investment management since 2017. The BDC was founded in June of 2021.

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