10:40 AM EDT, 06/14/2024 (MT Newswires) -- Sound Point Meridian Capital ( SPMC ) was down 4.5% in its Friday trading debut on the New York Stock Exchange.

The shares opened at $19.50 a day after the company priced its 4-million-share initial public offering at $20 per share.

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

Price: 19.05, Change: -0.95, Percent Change: -4.75