Albertsons Cos. sold 50 million shares at $16 per share, raising $800 million for its investors. That was below the target range of $18 to $20 the company mentioned when it announced the IPO last week.
The company did not receive any net proceeds from the IPO, which involved the sale of shares by Cerberus Capital Management LP and other investors. Cerberus, which led an investment group that took Albertsons private in 2006, continues to hold a 31.9% stake in the grocery retailer.
Albertsons Cos. operates stores across 34 states and the District of Columbia under 20 different banners, including Albertsons, Safeway, Vons, Pavillions, Randalls, Tom Thumb, Carrs, Jewel-Osco, Acme, Shaw’s, Star Market, United Supermarkets, Market Street and Haggen.