Supermarket chain Southeastern Grocers files for an estimated $500 million IPO

Southeastern Grocers, a southeastern US supermarket chain operating under Winn-Dixie and other banners, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $500 million.

Southeastern Grocers operates 420 stores under the "Winn-Dixie," "Harveys," and "Fresco y Más" supermarket banners and is estimated to be the sixth largest conventional supermarket operator in the US and the second largest conventional supermarket operator in its six major markets. Its median comparable store sales growth was 26% for March through July 2020, and revenue growth accelerated to 17% in the 1H20.

The Jacksonville, FL-based company traces its roots to 1924 and booked $9.0 billion in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol SEGR. Southeastern Grocers filed confidentially on August 18, 2020. BofA Securities, Goldman Sachs, Deutsche Bank, BMO Capital Markets, Truist Securities and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Supermarket chain Southeastern Grocers files for an estimated $500 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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