Grocery chain Albertsons files for IPO after coronavirus boom
U.S. grocery chain Albertsons is finally going public after shelving its initial IPO plans five years ago amid market jitters.
Why it matters: Albertsons is one of the companies to see a boom in business during the current coronavirus pandemic. The offering would give it a valuation of more than $10 billion if its stock prices at the midpoint of its $18-to-$20.
- The company won't receive any of the proceeds — instead, common stockholders including PE firm Cerberus will get to sell their stakes.
The bottom line: "After suffering through a deep freeze for most of the year amid the coronavirus pandemic, the IPO market has heated up in recent weeks, powered by strong debuts from Warner Music Group and ZoomInfo Technologies. Albertsons, which made its IPO plans public in March, is one of the most notable IPOs on tap for 2020," writes the Wall Street Journal.