Sundial Growers Announces $130M IPO

Canadian cannabis producer Sundial Growers Inc. announced Tuesday that it is undertaking an initial public offering of its common shares in the U.S. and Canada.

The company has applied to list on the Nasdaq Global Select Market under the ticker symbol "SNDL."

Sundial said it is seeking to offer 10 million common shares at an initial price between $12 to $14 each, which would raise $130 million at the midpoint of the offering. 

It plans to provide the IPO underwriters a one-month overallotment option to buy up to 1.5 million additional common shares. The company must first meet all Nasdaq requirements in order to obtain approval for listing.

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Scotiabank is acting as co-manager of the proposed IPO, while Cowen, BMO Capital Markets and RBC Capital Markets are acting as the joint book-running managers.

Sundial Growers is an Alberta-based licensed cannabis producer that crafts cannabis brands under the monikers Heal, Help and PlayTM.

Heal covers cannabis products applied as prescribed medicines; Help represents CBD products for overall wellness; and Play suggests cannabis products for improving recreational occasions.

The company has two locations in Alberta and plans to build another in British Columbia. 

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