Sprouts Farmers Markets LLC (SFM:US), the U.S. grocery chain controlled by Apollo Global Management LLC (APO:US), said it will sell 18.5 million shares in an initial public offering, valuing the company at as much as $296 million.
Sprouts will use proceeds from the offering to repay about $247.6 million in debt, it said today in a statement. The stock will sell for an estimated $14 to $16 a shares, Sprouts said. The Phoenix-based retailer applied in May for an IPO, and plans to become a Delaware corporation.
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