Grocery Outlet Holdings, which operates a network of more than 300 independently-run discount grocery stores, announced terms for its IPO on Monday.
The Emeryville, CA-based company plans to raise $275 million by offering 17.2 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Grocery Outlet Holdings would command a fully diluted market value of $1.4 billion.
Grocery Outlet Holdings was founded in 1946 and booked $2.3 billion in sales for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol GO. BofA Merrill Lynch, Morgan Stanley, Deutsche Bank, Jefferies, Barclays, Goldman Sachs, Guggenheim Securities, UBS Investment Bank and Cowen are the joint bookrunners on the deal. It is expected to price on June 19, 2019.
