Blackhawk Files for IPO

PLEASANTON, Calif. — Safeway [3]’s Blackhawk gift card subsidiary has filed a registration statement for an initial public offering of stock.

Safeway last summer had said it planned to spin off partial ownership of Blackhawk in the first half of 2013. The shares would be sold by existing shareholders. Safeway currently owns 96% of Blackhawk, and said it would retain a significant stake.

According to a registration statement filed Monday with the Securities and Exchange Commission, Blackhawk Network Holdings tallied adjusted net income of $50.3 million on revenues of $959 million in 2012. Blackhawk said it has seen adjusted net income increase at a compound annual growth rate of 22.1% from 2008 to 2012, from $22.7 million to $50.3 million. Revenues have grown at a compound annual growth rate of 27.6% in that time, from $361.8 million to $959.1 million.

More news: Safeway Mulls REIT for Canada: Report [4]

Blackhawk offers prepaid gift cards from hundreds of different brands through supermarkets and other retailers. Distribution includes approximately 90% of the aggregate grocery store locations operated by the top 50 conventional grocery retailers in the U.S. and Canada, as measured by SN’s 2013 Top 75 list of the largest food retailers, Blackhawk said in its filing.

The specific date and pricing of the offering have not yet been announced.

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