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Albertsons plans to raise $1.9 billion in IPO

October 2, 2015, 8:52 PM UTC
Albertsons To Be Sold For $17.4 Billion
TEMPE, AZ - JANUARY 23: An Albertsons store is seen January 23, 2006 in Tempe, Arizona. An investment group that includes grocery store operator Supervalu Inc. and the drugstore chain CVS Corp. announced Monday it would buy Albertsons for $17.4 billion in cash, stock and debt. (Photo by Ethan Miller/Getty Images)
Photograph by Ethan Miller — Getty Images

Supermarket chain Albertsons announced Friday it plans to raise up to $1.9 billion in an initial public offering.

Shares are being priced between $23 and $26, according to The New York Times.

The IPO comes on the heels of the company’s acquisition of rival Safeway, which expanded its footprint to around 2,200 stores across 33 states. Albertsons is the second largest grocery chain in the U.S., operating brands including Shaw’s, Acme, Tom Thumb, and Jewel-Osco.

Stocks will be traded under the symbol “ABS.”

Albertsons plans to use funds raised in the offering to repay debt, much of which was incurred during the Safeway deal.