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Southeastern Grocers files for US IPO
Posted on Tuesday, 20 October 2020 13:05
Southeastern Grocers has filed a registration document with the US Securities and Exchange Commission for an initial public offering (IPO) on the New York Stock Exchange.

The Florida-headquartered supermarket chain did not disclose details of the stock market flotation, including size, price and timing, at this time.

BofA Securities and Goldman Sachs have been appointed as joint bookrunners for the share sale, which will see Southeastern Grocers list under the symbol SEGR.

The group is parent company to BI-LO, Fresco Y Más, Harveys Supermarket and Winn-Dixie grocery stores and is billed as one of the largest conventional supermarket chains in the US.

Southeastern Grocers operates 140 liquor stores, 231 in-store pharmacies and one centralised speciality pharmacy.

According to IRI Worldwide industry data, the company maintains the number two market share position by revenue among conventional supermarkets within the six major markets in which the group competes in the five states it operates in.

Proceeds from the share sale will all be received by the selling stockholders.

In the six months ended 8th July 2020, Southeastern Grocers posted sales of USD 5.26 billion, compared to USD 4.50 billion in the corresponding period of 2019.

Adjusted earnings before interest, taxes, depreciation and amortisation totalled USD 363.60 million in H1 2020 (H1 2019: USD 175.39 million).

Zephyr, the M&A database published by Bureau van Dijk, shows there have been five IPOs of supermarkets and other grocery stores announced worldwide in 2020 to date.

In the largest of these, US-based drug retailer Albertsons Companies raised USD 800.00 million through a listing on the New York Stock Exchange.

Other targets included Grupo Mateus, MerryMart Consumer, Micreed and Companhia Sulamericana de Distribuicao.

© Zephus Ltd