03:54 AM EDT, 06/14/2024 (MT Newswires) -- Sound Point Meridian Capital (SPMC) said late Thursday it priced an initial public offering of 4 million common shares at $20 per share.

The specialized investment management company said it granted underwriters a 30-day option to purchase up to 600,000 additional shares to cover any over-allotments.

The shares are expected to begin trading Friday on the New York Stock Exchange under the symbol "SPMC."

The company said it plans to use the offering's expected net proceeds of about $79.7 million "to acquire investments in accordance with its investment objectives and strategies" and for general working capital.