Grocery Outlet Holdings, which operates a network of more than 300 independently run discount grocery stores, raised the proposed deal size for its upcoming IPO on Tuesday.
The Emeryville, CA-based company now plans to raise $318 million by offering 17.2 million shares at a price range of $18 to $19, up from a range of $15 to $17. At the midpoint of the revised range, Grocery Outlet Holdings will raise 16% more in proceeds than previously anticipated, and the company would command a fully diluted market value of $1.7 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 during the week of June 17, 2019.
