Fresh Market, the specialty grocery chain backed by
Global management of the Apollo
filed an updated prospectus for its initial public offering, moving towards an agreement even as market turmoil related to the Russia-Ukraine war prevent IPOs for now.
The prospectus, dated Friday, March 11, did not disclose how many shares the Greensboro, NC company will sell. That information, as well as the expected price range for the share, will come with future deposits.
The shares will be traded with the TFM ticker on the Nasdaq.
and BofA Securities are prime underwriters.
Fresh Market filed confidential for the IPO in March 2021, publicly disclosing the prospectus in July. On Monday, the company was the last to update its regulatory documentation pending the opening of the IPO market. Last week, KinderCare Learning also presented an updated prospectus.
No company went public in March as markets swung wildly due to the war in Ukraine and fears of inflation. While it’s unclear when KinderCare or Fresh Market will list their shares, updating their prospectuses means they’re moving forward, according to Matt Kennedy, senior IPO strategist at Renaissance Capital.
Fresh Market would be one of the first grocery companies to go public recently.
(ticker: ACI), which raised $ 800 million in June 2020, more than doubled from its $ 16 offer price, which traded Monday at $ 35.63.
(KR), another grocery chain, grew nearly 23% this year.
“There was some concern that food stocks would decrease with the lifting of the blockades and restrictions, but that was not the case. Food supplies continue to do well, “Kennedy said.
Founded in 1982, Fresh Market is a convenience-focused specialty retailer with 159 stores spread across 22 states. The chain claims to try to emulate the charm of European-style fresh food markets by offering fresh produce, hand-cut meats and freshly baked breads and pastries.
Fresh Market has changed its CFO since its prospectus was last updated in December. In January, the company appointed Adrian Bartella as its CFO. Bartella was previously CFO of the travel retail company Hudson Group, which went public in 2018 and merged with Swiss travel retailer Dufry AG in late 2020.
He succeeded Michelle Almarode, who had been Fresh Market’s interim CFO since September, the prospectus says. Almarode is currently the group’s vice president for finance and business strategy, a spokesperson said.
Fresh Market’s profit shrank to $ 7.3 million in the thirty-nine weeks ending October 31 from $ 16.9 million for the same period last year. Sales increased 3.5% to $ 1.4 billion over the October 31 period.
An IPO would mark a return to the public market for Fresh Market. Apollo Global Management deprived the company in 2016 in a deal worth approximately $ 1.4 billion. It is unclear how much the asset manager will own of Fresh Market after the IPO; this information will also come with future archives.
Write to Luisa Beltran at email@example.com