Phoenix, AZ—Sprouts Farmers Market, which operates over 150 stores and was the 2013 WholeFoods Retailer of the Year, officially set the terms of its initial public offering on the NASDAQ stock exchange. The company seeks to pay down $247.6 million in debt and other costs through the sale of 18.5 million shares, at prices ranging from $14–$16. The fully diluted market capitalization of the company at the midpoint of this price range would be $2.3 billion, according to the NASDAQ Web site.
The company was founded in 2002, and reported $2 billion in sales for the 12 months ended March 31, 2013. Sprouts, which is owned by Apollo Global Management LLC, plans to list under the ticker symbol SFM, and to incorporate in Delaware.
Published in WholeFoods Magazine, September 2013 (online 7/26/13)