Feb 7 (Reuters) - Roundy’s Parent Co Inc sold more shares than expected in its initial public but at a price that was below the expected range, according to an underwriter.
The U.S. supermarket chain operator sold 19.2 million shares at $8.50 each, an underwriter told Reuters.
Roundy’s had expected to sell 18.2 million shares at between $10 and $12 per share.
The IPO raised $163 million in proceeds, and at the IPO price, the company will be valued at about $353 million.
In its latest filing, Milwaukee-based Roundy’s had said it would sell 11.4 million shares in the offering, while stockholders would sell the rest.
Shares of the company will begin trading on Wednesday on the New York Stock Exchange under the symbol “RNDY.”
The underwriters for the offering are lead by Credit Suisse, J.P. Morgan and Jefferies.
In December, private equity owned Roundy’s had filed for a $230 million initial public offering with the U.S. Securities and Exchange Commission.