Fairway’s going public! Company now ready for its initial public offering
Fairway, the iconic New York grocery store chain whose initial public offering was disrupted by Superstorm Sandy, said Thursday it is ready to go public in hopes of raising up to $164 million.
Fairway Group Holdings Corp. said in a regulatory filing Thursday that it expects its stock to price in the range of $10 to $12 per share. The company is selling 13.4 million shares and stockholders are selling another 286,436.
Under the slogan “like no other market,” Fairway operates 12 locations in the greater New York City area and expects to open another one this summer in Chelsea and one in Nanuet, N.Y, in the fall. The company got its start in the 1930s as a small neighborhood market. In 2007, Sterling Investment Partners bought an 80 percent stake in the company, spurring fast growth in the ensuing years. The investment firm will continue to control the company after the IPO.