Southeastern Grocers Announces Launch of Initial Public Offering

Southeastern Grocers announced the launch of an initial public offering of 8,900,000 shares of its common stock to be sold by certain of its stockholders, at an anticipated initial public offering price between $14 and $16 per share, according to a registration statement on Form S-1 previously filed with the United States Securities and Exchange Commission (SEC).

According to a press release, the selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional 1,335,000 shares of the company’s common stock. Southeastern Grocers said it has applied to list the shares of common stock on the New York Stock Exchange under the ticker symbol “SEGR.”

The public offering price would raise $163.7 million for its selling stockholders, the company said in the filing with the SEC.

Southeastern Grocers will not receive any net proceeds from the sale of its common stock by the selling stockholders, including any exercise by the underwriters of their option to purchase additional shares of the company’s common stock from the selling stockholders.

Related Article: Southeastern Grocers Expands Fresco y Más into Southwest Florida

The Jacksonville, Florida based parent of Winn-Dixie, Fresco y Más, Harveys Supermarket, and BI-LO grocery stores, is one of the largest conventional supermarket companies in the U.S. It serves communities throughout the seven southeastern states of Alabama, Florida, Georgia, Louisiana, Mississippi, North Carolina, and South Carolina.

In a statement, the company said that BofA Securities and Goldman Sachs & Co. LLC are acting as joint lead book-running managers and as representatives of the underwriters for the offering. Deutsche Bank Securities Inc., BMO Capital Markets, and Wells Fargo Securities are acting as book-running managers for the offering. Truist Securities is acting as co-manager for the offering.

Last October, SEG filed a registration statement with the SEC for its common stock’s initial public offering.

The offering will be made only through a prospectus. A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offer to buy be accepted before the time the registration statement becomes effective.