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Sundial Growers prices upsized IPO at midpoint of range

Sundial Growers Inc. priced its upsized IPO of 11 million common shares at $13 apiece, the midpoint of its previously announced range.

The Canadian cannabis company, which is conducting the transaction to increase liquidity and raise capital, initially planned to offer 10 million common shares.

In addition, Sundial granted underwriters an option to buy up to an additional 1,650,000 common shares in the offering.

The company's common shares will trade on Nasdaq Global Select Market under the SNDL symbol beginning Aug. 1.

Completion of the IPO is expected to occur Aug. 6, subject to customary closing conditions.

Cowen, BMO Capital Markets and RBC Capital Markets are acting as joint book-running managers for the IPO, with Barclays and CIBC Capital Markets as book runners and Scotiabank as co-manager.