Albertsons is planning to raise up to $1.3 billion in an initial public offering that could value the grocery retailer at $11.6 billion. The company plans on offering 65.8 million shares at a price range of $18 to $20 per share.
Albertsons is backed by Cerberus Capital Management LP, and the listing would create an opportunity for Cerberus to exit the company should it choose to do so, according to Reuters. BofA Securities, Goldman Sachs & Co. LLC, J.P. Morgan and Citigroup are acting as lead joint book-running managers for the common stock offering.
The retailer also received a $1.75 billion preferred equity investment led by affiliates of Apollo Global Management in May. Albertsons is filing for an IPO based on a solid fiscal 2019 that saw 2.1% same-store sales growth, though it has not reported results from any period after COVID-19 made landfall in the U.S.