April 4 High-end grocery store chain Fairway
Market priced its initial public offering of 13.7 million Class
A shares at $10 to $12 per share as it looked to raise as much
as $164 million.
The company, which traces its origins to a fruit and
vegetable stand in New York City in the 1930s, operates in
Connecticut, New Jersey and New York.
At the high end of the price range, the company will be
valued at about $495 million.
The company, majority-owned by private equity firm Sterling
Investment Partners, said in August that it had confidentially
filed for an IPO.
While the company is offering 13.3 million share, its
selling shareholders are offering the rest.
Fairway follows in the footsteps of successful public debuts
of grocery chains such as Whole Foods Market Inc and
Fresh Market Inc, last year.
The company posted a loss of $56.1 million up from a loss of
$10 million from the year ago.
Private equity-backed companies queued up to list shares as
U.S. stock markets reached record highs, helping boost U.S. IPO
volumes by about 65 percent in the first quarter.
Fairway intends to list its Class A common stock on the
Nasdaq under the symbol "FWM".
The New York-based company told the U.S. Securities and
Exchange Commission that Credit Suisse, BofA Merrill Lynch,
Jefferies and William Blair will underwrite its IPO.