Sprouts Farmers Market announced plans of an initial public offering of its stock.
The IPO includes 18.5 million shares of common stock valued at approximately $14 to $16 per share, or approximately $246.5 million in proceeds. Sprouts will sell 17.7 million and stockholders will sell the remaining 797,785. Sprouts is valued at $259 million.
No date has been set as of July 22.
Sprouts officials will reportedly repay a $247.6 million loan with proceeds from the public stock offering and any remaining funds are earmarked for general purposes.
Sprouts is an independent natural foods grocery chain that has 150 stores across eight states including California, New Mexico and Oklahoma.