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Albertsons’ IPO priced at $16 a share, according to people familiar with the matter, and raised $800 million through the sale of 50 million shares. CNBC's David Faber reports that Albertsons (ACI) lowered the expected price of its IPO to $16 vs. a prior anticipated range of $18 to $20. IPO Price Reduction The IPO was originally expected to price at $19.00 per share. The chain reached an agreement to purchase pharmacy operator Rite Aid in a deal that would have allowed it go public, but had to back off in the face of criticism from Rite Aid shareholders who believed the proposed $24 billion price was too low. Reuters reported that Albertsons said it sold shares in its IPO at $16 a piece, below its $18-$20 target range. The company also owns Plated, a meal-kit company. A Division of NBCUniversal. Albertsons' shares are due to start trading on the New York Stock Exchange on Friday under the symbol "ACI." And in 2018, there was discussion about a merger between Albertsons and Rite Aid Corp. RAD, -5.09%, a deal valued at $24 billion, which prompted Albertsons to pull its IPO plan. Albertsons Cos. emerged from 14 years of private ownership by Cerberus Capital Management with a whimper Friday, as its shares sagged after a shrunken initial public offering. The company will trade on the New York Stock Exchange under the symbol ACI – for Albertsons Companies Inc. Here’s what potential investors need to know about the Albertson’s IPO. Albertsons last registered stock for an IPO in 2015, touting its success in improving the performance of acquired stores through the “Albertsons playbook,” citing the fast turnarounds of large acquisitions of stores from Supervalu U.S. supermarket operator Albertsons decided to go ahead with a downsized $800 million initial public offering (IPO) on Thursday, the culmination of multiple attempts by its private equity owner Cerberus Capital Management LP to cash out. Albertsons is approaching the stock market after two aborted attempts at launching an IPO during the past few years. Albertsons raised only $800 million in the offering, below a possible $1.3 billion if the shares had been priced at the high end. Albertsons Cos. late June 18 detailed plans to raise more than $1.3 billion in a public stock offering. Albertsons said it sold shares in its IPO at $16 a piece, below its $18-$20 target range. The grocer's anemic growth had faced pushback from IPO investors, as well as shareholders of Rite Aid Corp, the pharmacy chain it tried to merge with two years ago. Got a confidential news tip? © 2021 CNBC LLC. It withdrew plans for the offering in 2018. That's down from an expected 65.8 million shares at $18 … Rival supermarket chain Kroger Co said last week that the surge in demand for essential goods it saw during the coronavirus outbreak was fading, as American households reconsider their needs. Matthew Staver | Bloomberg | Getty Images. Shares of Albertsons are trading below their IPO price, and this is in part due to concerns related to the company's pension liabilities, Frommer wrote in the initiation note. © 2021 TheStreet, Inc. All rights reserved. The IPO of supermarket operator Albertsons is priced at $16 a share, below the expected range. Albertsons IPO details The IPO could raise as much as $1.5 billion. Source: Ken Wolter / Shutterstock.com Albertsons operates stores under the Albertsons, Safeway and Vons names. U.S. supermarket operator Albertsons decided to go ahead with a downsized $800 million initial public offering on Thursday. In 2015, Albertsons filed for an IPO to raise as much as $1.7 billion. Albertsons is ready to be a public company. Action Alerts PLUS is a registered trademark of TheStreet, Inc. The initial public offering of Albertsons, the supermarket operator, was priced at $16 a share, lower than expected, and fewer shares were sold than anticipated. Albertsons Companies Inc. priced its initial public offering at $16 a share Thursday afternoon, lower than the price range it was seeking. Albertsons sold 50 million shares, below expectations of 65.8 million shares. Last month, buyout firm Apollo Global Management Inc acquired $1.75 billion of convertible preferred shares in Albertsons, representing a 17.5% stake in the company. The IPO of supermarket operator Albertsons is priced at $16 a share, below the expected range. Albertsons IPO – Advertisement – Second-largest U.S. grocer and supermarket giant Albertsons Cos. Inc. raised $800 million by sold 50 million shares at $16 price on Thursday in a downsized initial public (IPO) offering that priced below its $18-$20 target range, according to … The company is planning to price its shares between $18 and $20 each. Albertsons Companies, a US grocer operating under Albertsons, Safeway, and other banners, filed on Friday with the SEC to raise up to $100 million in … Everything you need to know about the Albertsons Companies IPO including Offer Price, Filed Date, IPO Date, Offer Shares, Dealsize and Underwriters. Bank of America Securities, Goldman Sachs, JPMorgan and Citigroup are the lead underwriters on the IPO. Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more. Albertsons Companies, a US grocer operating under Albertsons, Safeway, and other banners, raised $800 million by offering 50 million shares at … Following the IPO, Cerberus will own around 31.9% of Albertsons, which operates namesake stores as well as U.S. supermarket chain Safeway and grocers Vons and Acme. In its prospectus , Albertsons said same-store sales have grown for eight straight quarters, with a 2.7% in the third quarter of 2019, up from 1.9% a year earlier. 2. Albertsons’ shares will begin trading Friday on the New York Stock Exchange on Friday under symbol “ACI.". Data is a real-time snapshot *Data is delayed at least 15 minutes. Grocery store chain Albertsons plans to begin trading this week with a price range between $18-$20 dollars per share on the NYSE. That's not great news for Kimco Realty (KIM … Bloomberg noted how IPOs in the U.S. have snapped back in June. Albertsons Kicks Off Roadshow, Setting Up IPO for Next Week The grocery-chain is seeking to price shares between $18 and $20 Analysts and … The IPO will generate up to $1.3 billion Cerberus Capital Management, Albertsons’s private-equity backer, will own 31.9% of Albertsons following the offering. Albertsons’ IPO could value the company around $19 billion, the Wall Street Journal reported in January. Yet the scaling back of the IPO on Thursday indicates that some investor skepticism lingers. In the eleventh hour, the price was changed to $16.00 per share. 2 grocer in the nation after Kroger  (KR) - Get Report by the number of stores. Wall Street's main indexes closed higher in choppy trading on Thursday. Below-target pricing may also signal recent robust investor demand for new listings is softening after U.S. stocks fell sharply on Wednesday amid a surge in coronavirus cases in the United States. The Boise, Idaho-based retailer, in an updated federal filing, said it would look to sell 65.8 million shares of stock at an initial price of $18 to $20 per share on the New York Stock Exchange. The change fetches less than Albertsons hoped to get on the market after a … Sign up for free newsletters and get more CNBC delivered to your inbox. Albertsons said it sold shares in its IPO at $16 a piece, below its $18-$20 target range. It’s the No. Yesterday (July 6, 2020), the stock closed at $15.52. The IPO was the culmination of multiple attempts by its private equity owner Cerberus Capital Management to cash out. We want to hear from you. Sankaran said the IPO is "a great accomplishment" for Albertsons, and it's focused on providing fresh groceries to customers over the long-term, … The downsizing of the IPO came after heated discussions between the underwriters and Cerberus, which deliberated whether to walk away from the offering at the last minute, as it did in 2015, a source familiar with the deliberations said. Albertsons is going public after it failed to do so back in 2015. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. An IPO of Albertsons, which had about $61 billion in sales for the year ended Feb. 2019, would be one of the biggest tests of the IPO market this year. Albertsons said it sold shares in its IPO at $16 apiece, below its $18-$20 target range. Albertsons’ IPO Expected This Week The Idaho-based company’s initial public offering could raise $1.3 billion. The expected range 9.3 billion, excluding its $ 18- $ 20 each sell 65.8 million price shares! 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