Smart & Final Raises $160M in First Day of Trading
Smart & Final has raised more than $160 million during its first day of trading on the New York Stock Exchange, the company said.
The Commerce, Calif.-based warehouse-style grocery retailer offered 3.5 million shares of common stock at $12 per share that began trading on Wednesday, Sept. 24 under the symbol "SFS."
Smart & Final has also granted the underwriters an option to purchase up to an additional 2 million shares of common stock. The offer is expected to close on Sept. 29.
The company's plans to file for an IPO were announced on June 23.
Credit Suisse, Morgan Stanley and Deutsche Bank were named the lead underwriters for the offering.
Los Angeles-based Private equity firm Ares Management purchased a majority stake in the company for $975 million in late 2012 from Apollo Global Management, based in New York.
Smart & Final operates approximately 250 grocery and foodservice stores under its namesake banner, as well as Smart & Final Extra! and Cash & Carry Smart Foodservice in California, Oregon, Washington, Arizona, Nevada and Idaho, with an additional 13 stores in northern Mexico.