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Inside Grocer Albertsons IPO

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Supermarket operator Albertsons is holding its initial public offering (IPO) at the New York Stock Exchange on Friday, June 26.

Albertsons operates stores under the Albertsons, Safeway and Vons names and is the second-largest grocer chain, by number of stores, after Kroger. It has 2,252 stores across 34 states and the District of Columbia. 

Albertsons opened its first location in 1939. In 2015, Albertsons completed a merger with Safeway. 

The company priced at $16 a share, below the expected range of $18 to $20 a share. It also agreed to sell 50 million shares, below expectations of 65.8 million shares.

The offering values the company at about $9.3 billion

Albertsons will trade under the ticker ‘ACI’ on the New York Stock Exchange.

Albertsons’ sales in March and most of April were up 34% from 2019, sent higher by grocery demand amid the pandemic. As of Friday, coronavirus cases in the U.S. had surpassed 2.42 million, according to data from Johns Hopkins University. 

Stocks were pressured Friday, even as retail sales for May surged. All three major U.S. indices were down Friday morning, with the S&P 500 down as much as 0.81%.

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