Albertsons Finally Gets Around to Coming Public
Albertsons has priced its initial public offering below the expected price range. Look for the food and drug retailer to come public later on Friday.
Albertsons Companies has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering. The company priced its 50 million shares at $16 apiece, which comes in below the expected price range of $18 to $20. The offering is valued up to $800 million, and the market cap would be $7.7 billion at this price. The company intends to list its shares on the New York Stock Exchange under the symbol ACI.
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The underwriters for the offering are BofA Securities, Goldman Sachs, JPMorgan, Citigroup, Credit Suisse, Morgan Stanley, Wells Fargo, Barclays, Deutsche Bank, BMO Capital Markets, Evercore ISI, Guggenheim, Oppenheimer, RBC, Telsey Advisory, MUFG, Academy Securities, Blaylock Van, Drexel Hamilton, Loop Capital Markets, Penserra Securities, Ramirez, Stern, and Tigress Financial Partners.
Albertsons is one of the largest food and drug retailers in the United States, with both strong local presence and national scale. As of February 2020, it operated 2,252 stores across 34 states and the District of Columbia under 20 well-known banners, including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market and Carrs.
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The company operates in 121 metropolitan statistical areas in the United States, and it is ranked number one or two by market share in 68% of them. Albertsons provides its customers with a service-oriented shopping experience, including convenient and value-added services through its pharmacies and adjacent fuel centers. It has approximately 270,000 talented and dedicated employees serving on average more than 33 million customers each week.
Albertsons will not receive any proceeds from this offering as stockholders are selling all the shares in this offering.
Look for Albertsons to come public later on Friday.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
