Sprouts Farmers Market files for $300 million IPO
Sprouts Farmers Market LLC is going public and hopes to raise $300 million in its initial public offering. The Phoenix-based grocer filed its plans for an IPO in the near future with the U.S. Securities and Exchange Commission.
Neither an initial share price nor a specific date has not been determined, but the company stated in its 185-page filing it will begin its IPO “as soon as possible.”
The natural foods grocer plans to use a portion of the IPO to pay down debt.
Sprouts operates 157 stores in eight Western states, including two stores in Las Vegas. The company plans an additional 19 store openings this year with another 20 planned for 2014.
“We believe that the U.S. market can support approximately 1,200 Sprouts Farmers Market stores … including 300 in states in which we currently operate,” the company said in its filing.
Sprouts will be listed in the Nasdaq exchange as SFM and will amend its name to Sprouts Farmers Market Inc. Goldman Sachs and Credit Suisse are the lead underwriters.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
