Albertsons sets IPO price

by Erica Shaffer
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Albertsons sets IPO price
Albertsons is the No. 2 grocery retailer in the United States.

BOISE, Idaho – Albertsons Companies Inc. expects to raise $1.531 billion from its initial public offering, the company said in a filing with the Securities and Exchange Commission.

The amount raised assumes a price of $24.50 per share, which places Albertsons’ value at nearly $12 billion. The company plans to use the proceeds from the IPO to repay amounts outstanding under the company’s $850 million term loan.

The company’s shares will be traded at the New York Stock Exchange under the ticker symbol “ABS.”

Albertsons is the second-largest grocery retailer in the United States behind Kroger Co. The chain includes 18 well-known names including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market and Carrs. Albertsons is owned by private equity firm Cerberus Capital Management LP.

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