Southeastern Grocers halts IPO

Southeastern Grocers Inc. is putting its initial public offering on the back burner.

The parent company of Bi-Lo, Fresco y Más, Harveys Supermarket and Winn-Dixie said Friday it is postponing the offering and will continue to evaluate the timing for the proposed offering “as market conditions develop.” The decision to postpone comes on the heels of a wild week for trading during which a tidal wave of buying spurred by a Reddit message board created sharp moves in shares of GameStop and others, ultimately causing brokers to limit trading. 

Southeastern set the terms for the offering  last week , saying shareholders would offer 8.9 million shares of its common stock at an anticipated price of $14 to $16 per share, raising up to $142.4 million. The grocer has applied to list on the New York Stock Exchange under the ticker symbol “SEGR.”

Based in Jacksonville, Fla., Southeastern Grocers has been shifting focus since it exited bankruptcy back in 2018. In June, it announced plans to divest its South Carolina-based Bi-Lo chain.

“The company has made the strategic decision to no longer operate stores under the Bi-Lo banner to allow for greater investment in growing the Fresco y Más, Harveys Supermarket and Winn-Dixie banners,” stated Southeastern at the time. 

As Southeastern continue to sell off Bi-Lo stores, it is expanding its Winn-Dixie.