Sprouts Aims For $300M In IPO
Phoenix, Ariz.-based Sprouts Farmers Market is going public and hopes to raise $300 million in its initial public offering.
The Phoenix Business Journal reports that the grocer, which focuses on natural and organic products, filed a Form S-1 with the U.S. Securities and Exchange Commission last week that laid out its plan for an IPO in the near future.
The filing confirms rumors from earlier this year that the grocer was pursuing an IPO, according to the Journal.
An initial share price has not been determined nor a specific date, but the company stated in its filing it will begin its IPO “as soon as practicable.”
The grocer plans to use a portion of the proceeds from its IPO to pay down debt.
Sprouts operates 157 stores across eight western states. The chain plans an additional 19 store openings this year with another 20 or so slated for 2014.
Sprouts will be listed in the Nasdaq exchange as SFM and will amend its name to Sprouts Farmers Market Inc., the Journal says.
Last summer, the company acquired Colorado-based Sunflower Farmers Market and converted its stores to the Sprouts banner.
Sprouts reported $2 billion in sales last year.