U.S. Foods raises $1 billion in IPO
U.S. Foods followed real estate investment trust MGM Growth Properties's $1.2 billion IPO last month.
Two more private equity-owned, albeit much smaller, companies priced their IPOs on Wednesday. Cotiviti Holding, owned by Advent International raised $237.5 million, while GMS, owned by AEA Investors, raised $147 million.
U.S. Foods priced 44.4 million shares at $23, within its previously indicated $21 to $24 range.
For fiscal year 2016, U.S. Foods reported about $23 billion in revenue and adjusted earnings before interest, tax, depreciation and amortization of $875 million, according to its IPO prospectus. It has roughly $5 billion in debt, and it will use the IPO proceeds to pay that down. ■
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