Fairway Market, the high-end grocery store chain had priced its shares for its initial public offering between US$10 and US$12 per share. The total volume is 13.7 million Class A shares and the projected windfall from the sale can reach US$164 million.
The company traces its roots from a New York City fruit and vegetable stand back in the 1930's currently operates in Connecticut, New Jersey and in New York. Now, at the high end of the pricing range, the company's enterprise value can reach up to US$495 million.
The company's majority shareholder is private equity firm Sterling Investment Patterns. It had announced plans for an IPO back in August 2012. The company is providing 13.3 million new shares while other shareholders are selling off their own shares in the IPO.
This is but one of the many public listings of grocery chains in the US, such as Whole Foods Market Inc and Fresh Market Inc in 2012.
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