Sprouts Farmers Market, which operates over 150 natural and organic grocery stores in eight southwestern states, announced terms for its IPO on Monday. The Phoenix, AZ-based company plans to raise $278 million by offering 18.5 million shares (4% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Sprouts Farmers Market would command a fully diluted market value of $2.3 billion.
Sprouts Farmers Market, which was founded in 2002 and booked $2.0 billion in sales for the 12 months ended March 31, 2013, plans to list on the NASDAQ under the symbol SFM. Goldman Sachs, Credit Suisse and BofA Merrill Lynch are the joint bookrunners on the deal.
