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Safeway food store company owned by Albertsons. Photo: Don & Melinda Crawford/Education Images/Universal Images Group via Getty Images

Albertsons, an Idaho-based grocer whose brands include Safeway, raised $800 million in its IPO. The Cerberus-owned company priced 50 million shares at $16, below initial plans to offer 65.8 million shares at $18–$20, for an initial market cap of $7.7 billion.

Why it matters: This is one of very few 2020 IPOs to majorly miss expectations, and came on the same night that six other issuers beat their targets.

  • Third time's a charm: Cerberus Capital Management first tried to take Albertsons public in 2015, but didn't succeed. It then tried in 2018 to merge Albertsons with drug store chain Rite Aid, but that deal died due to investor and shareholder advisory firm opposition.
  • The bottom line: "Rival supermarket chain Kroger Co. said last week that the surge in demand for essential goods it saw during the coronavirus outbreak was fading, as American households reconsider their needs." — Joshua Franklin, Reuters

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.

Biden Cabinet confirmation schedule: When to watch hearings

Joe Biden and Kamala Harris on Jan. 16 in Wilmington, Delaware. Photo: Angela Weiss/AFP via Getty Images

The first hearings for President-elect Joe Biden's Cabinet nominations begin on Tuesday, with testimony from his picks to lead the departments of State, Homeland and Defense.

Why it matters: It's been a slow start for a process that usually takes place days or weeks earlier for incoming presidents. The first slate of nominees will appear on Tuesday before a Republican-controlled Senate, but that will change once the new Democratic senators-elect from Georgia are sworn in.

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.