PE-Backed Grocery Outlet Raises IPO Target To $318M

Law360 (June 18, 2019, 9:00 PM EDT) -- Private equity-backed retailer Grocery Outlet Holding Corp. on Tuesday raised funding expectations just ahead of the scheduled pricing of its initial public offering to about $318 million, a potentially bullish sign from the Simpson Thacher-led company.

Emeryville, California-based Grocery Outlet told regulators it plans to offer 17.2 million shares priced between $18 and $19, raising $318 million at midpoint. The new forecast is up from Grocery Outlet's earlier price range of $16 to $18, which would have raised $275 million at midpoint.

Based on the new range, Grocery Outlet stands to raise about 16% more than originally thought. Companies sometimes raise...

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