Jacksonville-Based Southeastern Grocers Announces IPO That Could Raise $163.7M

Jan 21, 2021

The Jacksonville-based parent company of the Winn-Dixie and Harveys grocery chains on Thursday announced an initial public stock offering (IPO) that could raise up to $163.7 million.  

Southeastern Grocers, which also operates Fresco Y Mas and BI-LO supermarkets in other markets, said in a news release that 8.9 million shares of its common stock will be sold at an anticipated initial public offering price between $14 and $16 per share.

However, Southeastern Grocers said it would not receive any net proceeds. Instead the company said the shares will be sold by select company stakeholders.

Southeastern Grocers has applied to be listed on the New York Stock Exchange under the symbol “SEGR.” The supermarket company also said it will be granting underwriters a 30-day option to purchases up to an additional 1.3 million shares of common stock.

A date for when the stock will become available hasn’t been established. A registration statement has been filed with the Securities and Exchange Commission but hasn’t become effective yet.

The initial offering will be made only by means of a prospectus. Information on how to obtain a preliminary prospectus is available in the grocer’s news release.

WJCT News partner the Jacksonville Daily Record reported in October that Southeastern Grocers had $6.7 billion in sales in 2019 and that sales jumped 18.4% in the first half of 2020.

Southeastern Grocers went through a prepackaged Chapter 11 bankruptcy reorganization in 2018 but it has since become profitable again, according to its registration statement for an initial public offering that the Daily Record reported on in October.

Here's more information about the grocer’s restructuring.

Bill Bortzfield can be reached at bbortzfield@wjct.org or on Twitter at @BortzInJax.