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Fairway raises $177.5 million in IPO
New York -- Fairway Group Holdings Corp., operator of the Fairway Market grocery chain, said Wednesday that it raised $177.5 million in its initial public offering after pricing the shares above the marketed range.
Fairway sold 13.65 million shares for $13 each, according to data compiled by Bloomberg, after offering them for $10 to $12. At the offering price, the company has a market value of about $536 million.
The shares, which represent a 33% stake, will be listed on the Nasdaq Stock Market under the symbol FWM.
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Fairway goes public
Fairway, a popular New York metro area supermarket, announced in a regulatory filing that it is going public. The company said it expects its stock to price in the range of $10 to $12 per share as it looked to raise as much as $164 million.
Fairway operates 12 locations in the greater New York City metro area and in on track to open a store this summer in Manhattan's Chelsea neighborhood and one in Nanuet, N.Y, in the fall.