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Photo: Mel Melcon/Los Angeles Times via Getty Images

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.

Go deeper

Dan Primack, author of Pro Rata
Sep 23, 2020 - Economy & Business

What the 2020 SPAC boom means for 2021

Illustration: Annelise Capossela/Axios

The blank-check boom of 2020 is sapping the 2021 IPO market of prospective issuers.

Driving the news: SPAC godfather Alec Gores this morning announced the market's largest-ever deal, with Gores Holdings IV (Nasdaq: GHIV) agreeing to buy wholesale mortgage lender UWM at an enterprise value of approximately $16.1 billon.

3 hours ago - Politics & Policy

Scoop: Kaine, Collins pitch Senate colleagues on censuring Trump

Sen. Tim Kaine speaks with Sen. Susan Collins. Photo: Andrew Harnik/AP via Getty Images

Sens. Tim Kaine and Susan Collins are privately pitching their colleagues on a bipartisan resolution censuring former President Trump, three sources familiar with the discussions tell Axios.

Why it matters: Senators are looking for a way to condemn Trump on the record as it becomes increasingly unlikely Democrats will obtain the 17 Republican votes needed to gain a conviction in his second impeachment.

3 hours ago - Politics & Policy

Scoop: Anthony Coley to lead Justice Department public affairs

Photo: Xinhua/Ting Shen via Getty Images

Judge Merrick Garland, President Biden’s nominee for attorney general, has tapped Anthony Coley, an Obama-era Treasury Department official, to serve as a senior adviser and to lead public affairs at the Department of Justice, according to people familiar with the matter.

Why it matters: As the public face of the DOJ, Coley will help explain — and defend — the department's actions, from sensitive cases to prosecutorial decisions, including the investigation into Hunter Biden.