Fairway Group Holdings Corp., the parent company of Fairway Market, announced that it has priced its initial public offering of 13.65 million shares of Class A common stock at a price of $13.00 per share. According to recent regulatory filings, the company and selling stockholders planned to offer 13.65 million shares of Class A common stock in the range of $10.00 and $12.00 per share.
The shares will be listed on the NASDAQ Global Market and will trade under the symbol "FWM" beginning April 17, 2013.
The company said it is offering about 13.41 million shares of Class A common stock and selling stockholders are offering 242,368 shares of Class A common stock.
The underwriters have a 30-day option to purchase up to an additional 2.05 million shares from a group of selling stockholders to cover over-allotments.
The company noted that it will not receive any proceeds from the sale of shares by the selling stockholders.
The company expects to receive proceeds, net of underwriters' discount and commissions and estimated offering expenses payable by Fairway Group, of approximately $158.8 million from the offering.
The company stated that it intends to use the net proceeds for new store growth and general corporate purposes, after paying $76.8 million of accrued but unpaid preferred stock dividends, a management agreement termination fee and management bonuses.
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