U.S. grocery retailer Albertsons Cos Inc said on Thursday its initial public offering would target to raise up to $1.32 billion.
The company said certain selling stockholders are offering 65.8 million shares at an indicative price range of $18 to $20 per share. The grocery retailer will not receive any proceeds from the IPO.
The IPO’s underwriters have an option of buying an additional 9.9 million shares. Including this, the offering could fetch as much as $1.51 billion. Grocers, including Albertsons’ 20 well-known banners, have benefited from panic buying and stockpiling amid the COVID-19 pandemic, as consumers rushed to supermarkets days before long lockdowns.
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Albertsons sets IPO terms, seeing 'momentum' amid coronavirus pandemicAlbertsons Companies, Inc. has set terms of its initial public offering, seeking to sell 65.8 million shares in a range between $18 and $20 a share, according to a filing late Thursday. The company, which operates grocery stores under the Albertsons, Safeway, Vons, Jewel-Osco and other names as well as meal-kit company Plated, has filed to list its shares on the New York Stock Exchange under the symbol ACI. Sales last year rose to $62.5 billion from $60.5 billion in 2018, and the company earned $466 million, or 80 cents a share, in 2019 compared with $131 million, or 23 cents a share, in 2018. The grocer said it is experiencing "momentum," giving it confidence it will "continue delivering profitable growth going forward." The coronavirus pandemic "has significantly increased" demand for food-at-home and online sales, and the company has built up its curbside pickup and other systems that it believes "will meaningfully improve the overall customer experience and enable us to drive growth and market share," it said. Albertsons said it was No. 1 or No. 2 by market share in most of the metropolitan areas it operates, and since the start of the pandemic has gained market share across most of its markets. "We believe that our competitive position will continue to strengthen as a result of customer receptiveness to our response to the challenges of the coronavirus (COVID-19) pandemic and the strength of our supply chain," it said.
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