GREENSBORO, N.C. — The Fresh Market will seek to raise up to $264 million in an initial public offering, the company said in a filing with the Securities and Exchange Commission this week.
The company, which operates 100 small-format, upscale stores, primarily in the Southeast, Midwest and Mid-Atlantic, said it expected to offer about 13.2 million shares at between $18 and $20 per share. The offering is expected to take place Nov. 4, according to reports. The stock will trade on the Nasdaq exchange under the symbol "TFM."
The shares would only be sold by current owners and executives, the filing said, but the offering would allow the company itself to offer additional shares to raise funds in the future. Previously the IPO was expected to raise as much as $345 million.
The company could not be reached for further comment.
The Fresh Market last week had said it expected to report net income of $41 million on $685 million in sales for the nine-month period through Sept. 26. Those are increases of 45% and 13%, respectively, over year-ago levels. Comps rose 5.1% for the third quarter and 4.6% for the nine-month span.
The company, which filed initial plans for the IPO in May, is currently privately owned by the founding Berry family.