Fairway Seeking $163.8 Million in U.S. Grocery-Chain OfferingLee Spears
Fairway Group Holdings Corp., the supermarket chain focused on greater New York, is seeking as much as $163.8 million in its U.S. initial public offering.
The company is offering 13.7 million shares for $10 to $12 each, according to a regulatory filing today. The sale is scheduled to price on April 16, according to data compiled by Bloomberg. The amount is equivalent to a 33 percent stake in the New York-based grocery retailer.
At the midpoint of the price range, the company would have a market value of about $453.6 million. Fairway, which started as a small neighborhood market in the 1930s, is moving ahead with the IPO after expansion in suburban New York, New Jersey and Connecticut helped boost sales for at least three years in a row.
Fairway joins others in industries from technology to energy that are taking advantage of greater investor appetite for new equities as U.S. stocks have surged to record highs this year. U.S. IPOs raised 36 percent more last quarter than they did in the year-earlier period, according to data compiled by Bloomberg.
Credit Suisse Group AG and Bank of America Corp. are leading the IPO. The shares will list on the Nasdaq Stock Market under the symbol FWM.