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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