The Fresh Market is seeking $664m through and IPO

The Fresh Market is seeking $664m through and IPO

US grocery operator The Fresh Market will look to raise as much as US$264m through a share offering on 4 November.

The retailer is planning to sell 13.2m shares at between US$18-20 a share, according to a filing yesterday (25 October) with the Securities and Exchange Commission.

In May, the North Carolina-based retailer revealed it was seeking $340m through the IPO.

The company said it will not receive any proceeds from the sale of shares by the selling stockholders, who include founders Ray and Beverly Berry and their family.

In the IPO prospectus, The Fresh Market said it plans to expand its store base and "penetrate new markets" adding it believes the US market can support at least 500 The Fresh Market stores operating under its current format.

The company was founded in Greensboro, North Carolina in 1982 and operates 100 stores across 20 US states, with stores concentrated in the Southeast, Midwest, Mid-Atlantic and Northeast.

The company will trade under the ticker TFM.