B&G Foods raised US$180.7m through an initial public offering of its Class A common stock yesterday (22 May).
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The offering of 13.9m shares saw the stock sell for $13 per share, within the company’s $12-14 forecast.
The shares will trade separately from B&G’s enhanced income securities on the New York stock exchange.
Underwriters, led by Credit Suisse Securities and Lehman Brothers, have the option to purchase an additional 2m shares.
The company, which manufactures and distributes shelf-stable food products, said that it expects to use the proceeds of the offering to repurchase outstanding shares of its Class B shares and repay a portion of its borrowings.
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