Albertsons Postpones IPO Citing Recent Market Volatilityby
Grocery chain was scheduled to price shares Wednesday
Company said to rethink pricing on Wal-Mart profit forecast
Albertsons Cos. postponed its initial public offering, citing recent market volatility.
The company didn’t elaborate or indicate a timeframe for proceeding in an e-mailed statement Wednesday from Brian Dowling, a spokesman for the grocery chain.
Earlier, a person familiar with the matter said Albertsons decided to wait at least a day to reassure investors after a weak profit forecast from Wal-Mart Stores Inc. sent that company’s shares on their biggest decline in more than 27 years. The person asked not to be identified because the information is private.
Albertsons had planned to raise as much as $1.7 billion in its IPO, selling 65.3 million shares for $23 to $26 apiece. The offering was scheduled to price Wednesday.
First Data Corp., the KKR & Co.-backed payments processor, raised $2.65 billion in its IPO Wednesday, 17 percent less than it sought, after pricing the shares below the marketed range.