Allied Capital to Raise $49 million; Share Rise 3 Pct

19 April 2008 @ 01:44 am EDT

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.

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