The anticipated IPO of the Goldman Sachs BDC was launched on the New York Stock Exchange yesterday (18 March), with the stock pricing at $20 per share. The vehicle is trading as “GSBD” and Goldman offered six million shares, as PDI previously reported. The shares rose slightly following the start of trading and traded at around $20.25 today.
BofA Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Credit Suisse and Wells Fargo Securities were the joint book runners in the IPO. Raymond James and SunTrust Robinson Humphrey were the co-managers for the offering.
The lender was first formed as a non-traded vehicle in 2012 to invest in mid-market companies in the United States. Since its founding through the end of last year, the vehicle had originated about $1.27 billion in debt and equity investments. The group focuses on direct origination of secured debt, including first lien, unitranche and second lien debt; unsecured debt, including mezzanine and; to a lesser extent, investments in equities. As of year-end, the Goldman Sachs BDC had 45 investments in 34 portfolio companies with an aggregate fair value of about $914 million, according to SEC filings.
Credit Suisse also has a BDC registration in the works as Credit Suisse Park View BDC, which is still awaiting approval from the SEC. The New York-based asset management division of the Swiss bank filed its latest N-2 amendment form on 13 March. Morgan Stanley is also reportedly weighing a similar move, according to The Wall Street Journal.