Albertsons Expects to Raise $1.84B in IPO
Grocery chain Albertsons is going public and expects to raise up to $1.84B in an IPO, the chain said Friday. Set to trade on the NYSE as "ABS," Albertsons set the proposed maximum offering size in a regulatory filing back in July.
The announcement comes just months after Cerberus Capital Management merged Albertsons with fellow supermarket giant Safeway. Cerberus started its acquisition of Albertsons in 2006, and bought Safeway last March for $9.4B.
The decision to go public was made in part to stand up to the growing force of retailers, including Walmart, Amazon and Whole Foods, which contributed to a $1.2B loss last year. [WSJ]