Bethesda-based American Capital Strategies Ltd. announced that its affiliate, European Capital Ltd., completed an initial public offering of its ordinary shares. The shares are traded on the London Stock Exchange?s main market for listed securities under the symbol ECAS. European Capital is a closed-end investment company for pan-European equity, mezzanine and senior debt investments.

The offering raised $169.8 million through a sale of 12.7 million shares at $13.37 per share. European Capital also granted an option to purchase up to 1.9 million shares to the underwriters to cover over-allotments.