NEW YORK CITY-The parent of the Fairway grocery chain saw its stock price soar by as much as 42% in early trading today in its debut on the Nasdaq exchange after pricing its initial stock offering above what was the proposed range.
Fairway Group Holdings Corp. raised $177.5 million based on selling 13.65 million shares representing a 33% stake in the company at $13 a share. The company, according to a statement, had offered the shares at $10-$12 and hopes to reap net proceeds of approximately $159 million from the offering. Credit Suisse Group AG, Bank of America Corp., Jefferies Group Inc. and William Blair & Co. led the offering.
The grocer has 12 Fairway Market locations in suburban New York, New Jersey and Connecticut.
In early trading today, Fairway (FWM) sold as high as $18.41 a share. See story at Bloomberg News.
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