Allied Capital Corp. announced on Friday that it expects to raise $49 million will put 2.8 million shares of common stock up for the firm's initial public offering.
The stock will be priced at $17.87 per share for net income. The company expects to raise about $49 million.
The profits will be used to reduce borrowing at the company under its resolved credit line.
Shares of Allied Capital rose 2.96 percent, or 57 cents to $19.82.