Sprouts Farmers Markets LLC, the U.S. grocery chain controlled by Apollo Global Management LLC, said it will sell 18.5 million shares in an initial public offering, valuing the company at as much as $296 million.
Sprouts will use proceeds from the offering to repay about $247.6 million in debt, it said today in a statement. The stock will sell for an estimated $14 to $16 a shares, Sprouts said. The Phoenix-based retailer applied in May for an IPO, and plans to become a Delaware corporation.
The grocer has expanded after Apollo combined it with another business in a February 2011 buyout. It completed an