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Albertsons Companies Inc. became a public company late last month, as their initial public offering sold out at $16 per share, which was $2 to $4 under the target price. Albertsons owns and operates food and drug stores under its own name, as well as Acme, Safeway, Vons, Jewel-Osco and others. Shares now trade on the New York Stock Exchange under the “ACI” ticker symbol.

The company’s owners had planned to sell about 66 million shares at $18 to $20, which would have grossed between $1.2 and $1.3 billion. Instead, they sold 50 million shares, raising $800 million. The $16-per-share IPO valued Albertsons at approximately $9.3 billion, excluding long-term debt of about $8.5 billion.

In May, Apollo Global Management, owned by Philadelphia 76ers Owner Joshua Harris, paid the equivalent of $17.50 per share for a 10% stake in Albertsons.

Albertsons closed at $14.60 per share on Friday, July 10.

 

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