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Cannabis company Sundial Growers closes $143M Nasdaq IPO

Cannabis producer Sundial Growers Inc. closed its planned IPO on the Nasdaq Global Select Market, raising gross proceeds of $143 million.

The Calgary, Alberta-based company issued 11 million common shares at $13 apiece. Underwriters have an option to buy up to an additional 1,650,000 shares.

The company's shares started trading on the Nasdaq Global Select Market under the SNDL symbol on Aug. 1.

Sundial plans to use the net proceeds to complete the construction, expansion and transition of its cultivation and processing facilities. A portion of the funds will also be used for the company's capital expenditures to maintain its productive capacity, future acquisitions and for general corporate purposes.

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