Sprouts Farmers Markets LLC announced the start of its initial public offering. The expected initial public offering price was currently between $14.00 and $16.00 per share. For the IPO, Sprouts Farmers Markets was putting 17,702,215 shares of common stock on sale. In addition, 797,785 shares of common stock were also offered for sale by certain stockholders.
Moreover, a 30-day exercisable option was available for underwriters. The option will allow them to purchase additional 2,775,000 shares. The option can be exercised after the final prospectus' date.
The net proceeds of the initial public offering will be used to pay the company's debt. Sprouts Farmers Markets needed to repay US$247.6 million worth of outstanding debt. This was under its term loan facility. The remainder of the proceeds will be used for general corporate purposes.
The company planned to list its common stock on the Nasdaq Global Select Market. The company's stock will be traded under the ticker symbol "SFM."
In addition, Sprouts Farmers Markets wanted to transition to Sprouts Farmers Market Inc., a Delaware corporation.
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