Albertsons files IPO to go public again
U.S. supermarket chain Albertsons said it plans to file an Initial Public Offering (IPO) to go public, according to a filing with the Securities and Exchange Commission late Friday.
The Idaho-based company seeks to raise US$100 million through the offering, although that amount is often used as a placeholder. The company plans to list under the ticker "ACI" on the New York Stock Exchange.
Bank of America Securities, Goldman Sachs, J.P. Morgan and Citigroup are listed as underwriters.
“We are proud of the progress we have made over the past few years, and believe we have a long runway for growth ahead of us. At Albertsons, we are just beginning the next chapter in our rich history, and we welcome you to join us on this exciting journey,” company CEO Vivek Sankaran wrote in the prospectus letter.
"I believe we can deliver attractive and improving financial performance, grow market share and increase customer lifetime value through more engaged relationships across our omni-channel platform and loyalty ecosystem."
The company, as it did during a previous IPO attempt, would be a so-called “controlled company”, which would give more than 50% voting control to a portion of its current owners.
The move comes amidst an overall market slump. A date for the offering of Albertsons, the number of shares, or pricing is not yet known.
Albertsons first launched in 1939. Safeway, which it acquired, also started in Idaho, first opened in 1915 in American Falls.