PHOENIX — Sprouts Farmers Markets here on Monday set a price range of $14 to $16 a share for the initial public offering of its stock.
The offering of 18.5 million shares could raise as much as $296 million, although the company estimates proceeds of $247.6 million, it said in a filing with the Securities and Exchange Commission.
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Spouts, the natural foods retailer controlled by Apollo Capital Management, said nearly all the proceeds from the offering would be used to repay debt with the remainder for general corporate purposes.
The stock will trade on the Nasdaq exchange under the symbol SFM. It is the fourth specialty-retail IPO in the last two years, following issues by The Fresh Market, Natural Grocers by Vitamin Cottage and Fairway Holdings.
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