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Palmer Square Subsidiary Enters New York Stock Exchange With $89M IPO

Palmer Square Capital BDC Inc. prices its initial public offering for the New York Stock Exchange. Photo Credit: Shutterstock (Kamil Zajaczkowski)

Posted January 18, 2024

Palmer Square Capital BDC Inc. announced its initial public offering and will begin trading on the New York Stock Exchange.

Palmer Square Capital BDC arrived on the New York Stock Exchange on Thursday, under the symbol “PSBD.”

Palmer Square Capital BDC Inc., a subsidiary of Mission-based Palmer Square Capital Management, is offering 5.45 million shares of its common stock at $16.45 per share, equating to $89.65 million.

Additionally, the company granted underwriters an option to purchase up to an additional 817,500 shares. That would bring the total up to $103.1 million to cover any possible over-allotments.

Palmer Square intends to use the net proceeds from this offering to make investments, according to a release.

J.P. Morgan, BofA Securities, RBC Capital Markets, UBS Investment Bank and Citigroup are acting as joint book-running managers, and Janney Montgomery Scott, Oppenheimer & Co. and Clear Street are acting as co-managers.

Palmer Square Capital Management was founded in 2009 and led by Chris and Angie Long, husband and wife who also co-own the professional women’s soccer team Kansas City Current. The wealth management firm manages over $27.3 billion in assets under management.