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U.S. Foods raises $1 billion in IPO

U.S. Foods Holding
Public offer   An equity-owned food distributor sold well

U.S. Foods Holding, a U.S. private equity-owned food distributor, raised $1.02 billion in this year's second-largest U.S. initial public offering thus far.


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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