Albertsons expects IPO to raise up to $1.3 billion

According to Reuters, U.S. grocery retailer Albertsons has said its initial public offering would be on target to raise up to $1.32 billion. The company said certain selling stockholders are offering 65.8 million shares at an indicative price range of $18–$20 per share. The grocery retailer will not receive any proceeds from the IPO.

The upper end of the range would value the company at $11.61 billion, based on outstanding shares, including certain convertible preferred stocks.

The IPO’s underwriters have the option of buying an additional 9.9 million shares. Including this, the offering could fetch as much as $1.51 billion.

Albertsons filed a registration statement for an IPO with the U.S. Securities and Exchange Commission on March 6 and has been approved to list its common stock under the ticker symbol “ACI” on the New York Stock Exchange (NYSE).