Sundial Growers, an early-stage Canadian cannabis producer, announced terms for its IPO on Tuesday.
The Calgary, Canada-based company plans to raise $130 million by offering 10 million shares at a price range of $12 to $14. At the midpoint of the proposed range, Sundial Growers would command a fully diluted market value of $1.6 billion.
Sundial Growers was founded in 2006 and booked $1 million in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol SNDL. Cowen, BMO Capital Markets, RBC Capital Markets, Barclays, and CIBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of July 29, 2019.
