Fairway Market, the high end grocery store chain, has announced the price of its initial public offer of 13.7 million Class A shares at US$13 per share. This is a price above its expected range according to an anonymous source familiar with the process.
Initially, the price range of the shares for the IPO was between US$10 and US$12 per share. With the new price, the grocer was able to raise US$178.1 million.
At US$13 per share, the company's market capitalization is at US$536 million. The shares would then be made available for trading at the Nasdaq starting Wednesday under the symbol 'FWM'.
Fairway's humble beginnings come from being a simple fruit and vegetable stand located in New York City back in the 1930s. Since then, the company has expanded and growen, now with stores located in the New Jersey and Connecticut.
Underwriting the Fairway Market IPO were Credit Suisse, BofA Merill Lynch, William Blair and Jefferies.
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