NEW YORK — Fairway Group Holdings here said Monday its stock has been added to the Russell Global Index.
The parent company of the Fairway Market chain of high-volume specialty supermarkets in the New York City area had an initial public offering of about 13.65 million shares at $13 per share. The Russell Indices, which seek to provide a “comprehensive and unbiased barometer” for evaluating stock performance, add new IPOs quarterly.
“We are pleased to be added to the Russell 3000,” said Charles Santoro, Fairway’s executive chairman. “Fairway has a bright growth outlook and we believe inclusion in the index is an important recognition of this.”
Read more: Fairway Posts Loss in Q4, But Comps Rise
Adding a stock to an index tends to increase investor interest.
Fairway’s stock was up about 3% following the announcement, to just under $25 in mid-day trading on Monday.
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