Famed New York grocery store Fairway Group Holdings Corp. could raise as much as $164 million in its IPO, according to a pricing range it set on the delayed deal Thursday morning.
The company operates a dozen Fairway Market grocery stores in and around New York City. Its initial IPO plans estimated a deal worth up to $150 million to help fund its expansion into the surrounding suburbs.
Last month, two people familiar with the matter said Fairway was set to move forward with the offering in April as it opens new stores and recovers from the Sandy damage.
Fairway opened its fifth Manhattan store in December and reopened its storm-damaged Brooklyn, N.Y., location March 1. The company plans to open another Manhattan store and another in Rockland County, N.Y., later this year.
The grocer’s sales rose 19% in the first three quarters of its most recent fiscal year, which ended Dec. 30, 2012. Fairway’s net loss rose sharply to $56 million, up from $10 million in the previous year’s period.
The company pegged the cost of the Brooklyn store’s closure alone at about $2 million a month in an updated IPO document filed with the Securities and Exchange Commission in late February. Losses were mitigated by Fairway’s insurance: The company said it had filed claims for more than $20 million and had received $10.5 million for losses sustained in the storm, as of the Feb. 26 filing.
The stock is slated to trade on the Nasdaq Stock Market NDAQ +0.25% under the ticker symbol FWM.
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The IPO had been first filed last September and the delayed for months following superstorm Sandy which ravaged the New York area and shuttered a Fairway location until last month. The deal will seek to sell 13.65 million shares between $10 and $12 each, Fairway said in a filing Thursday.
The company operates a dozen Fairway Market grocery stores in and around New York City. Its initial IPO plans estimated a deal worth up to $150 million to help fund its expansion into the surrounding suburbs.
Last month, two people familiar with the matter said Fairway was set to move forward with the offering in April as it opens new stores and recovers from the Sandy damage.
Fairway opened its fifth Manhattan store in December and reopened its storm-damaged Brooklyn, N.Y., location March 1. The company plans to open another Manhattan store and another in Rockland County, N.Y., later this year.
The grocer’s sales rose 19% in the first three quarters of its most recent fiscal year, which ended Dec. 30, 2012. Fairway’s net loss rose sharply to $56 million, up from $10 million in the previous year’s period.
The company pegged the cost of the Brooklyn store’s closure alone at about $2 million a month in an updated IPO document filed with the Securities and Exchange Commission in late February. Losses were mitigated by Fairway’s insurance: The company said it had filed claims for more than $20 million and had received $10.5 million for losses sustained in the storm, as of the Feb. 26 filing.
The stock is slated to trade on the Nasdaq Stock Market NDAQ +0.25% under the ticker symbol FWM.
Fixed...
Never knew they had that many stores.... I know I do, once in a while shop at the Plainview one, which has been there for years
Knew of a NYC one, and the Queens one that opened last year.
Had no clue
on a side note.... Very High Priced SuperMarket
They have a lot of good things... But not sure about this IPO
Never knew they had that many stores.... I know I do, once in a while shop at the Plainview one, which has been there for years
Knew of a NYC one, and the Queens one that opened last year.
Had no clue
on a side note.... Very High Priced SuperMarket
They have a lot of good things... But not sure about this IPO
