Key Developments: Fairway Group Holdings Corp (FWM.OQ)
20 Dec 2013
Latest Key Developments (Source: Significant Developments)
Fairway Group Holdings Corp announced the pricing of its initial public offering of 13,650,000 shares of Class A common stock at a price of $13.00 per share. The shares will be listed on the NASDAQ Global Market and will trade under the symbol FWM beginning April 17, 2013. Fairway Group is offering 13,407,632 shares of Class A common stock and selling stockholders are offering 242,368 shares of Class A common stock. The underwriters have a 30-day option to purchase up to an additional 2,047,500 shares from a group of selling stockholders to cover over-allotments. Fairway Group will not receive any proceeds from the sale of shares by the selling stockholders. Fairway Group expects to receive proceeds, net of underwriters' discount and commissions and estimated offering expenses payable by Fairway Group, of approximately $158.8 million from the offering. Fairway Group intends to use the net proceeds for new store growth and general corporate purposes, after paying $76.8 million of accrued but unpaid preferred stock dividends, a management agreement termination fee and management bonuses. Credit Suisse Securities (USA) LLC and BofA Merrill Lynch, along with Jefferies LLC and William Blair & Company, L.L.C., are the joint book-runners and the representatives of the underwriters for the offering. Full Article
The Wall Street Journal reported that Fairway Group Holdings Inc.’s Initial Public Offering (IPO), waylaid by superstorm Sandy, is scheduled to launch next month, according to two people familiar with the deal’s timing. The storm slowed the momentum for Fairway’s IPO, people close to the deal said. But the Company is set to move forward with the offering as it opens new stores and recovers from the Sandy damage. Fairway opened its fifth Manhattan store in December and reopened its Brooklyn location March 1. The Company plans to open another Manhattan store and another in Rockland County, N.Y., later this year. Full Article
Fairway Group Holdings Corp Files For IPO-MarketLine (a Datamonitor Company), Financial Deals Tracker
MarketLine (a Datamonitor Company), Financial Deals Tracker reported that Fairway Group Holdings Corp, a US-based operator of retail food super-stores, has filed a registration statement with the Securities and Exchange Commission to raise maximum of $150 million through an initial public offering (IPO) of Class A common stock. Fairway Group plans to list on the NASDAQ Global Market under the symbol FWM. Credit Suisse Securities (USA), LLC, BofA Merrill Lynch, Jefferies & Company, Inc, William Blair & Company, LLC are acting as underwriters for the IPO. Full Article
NEW YORK - Stashed into the hottest initial public offering market in years, Fairway Group Holdings received little media hype when the grocery store operator went public in April. And with year to date gains of half the broad market, it is not exactly a frothy stock.