Fairway raises $177.5 million in IPO
New York -- Fairway Group Holdings Corp., operator of the Fairway Market grocery chain, said Wednesday that it raised $177.5 million in its initial public offering after pricing the shares above the marketed range.
Fairway sold 13.65 million shares for $13 each, according to data compiled by Bloomberg, after offering them for $10 to $12. At the offering price, the company has a market value of about $536 million.
The shares, which represent a 33% stake, will be listed on the Nasdaq Stock Market under the symbol FWM.
Fairway Market started as a small neighborhood market in the 1930s, and today has 12 locations with a potential, it said, for more than 300.