US speciality retailer Sprouts Farmers Market has set out the price at which it plans to sell shares in its IPO.

Sprouts, which has over 160 stores in eight states including California, Arizona and Texas, is offering 18.5m shares in the business. The retailer, backed by private-equity firm Apollo Global Management, said it expected the price of the shares to be between US$14 and $16.

Sprouts said it expects to use the funds to repay around $247.6m in debt and for “general corporate purposes”.

Officials at Sprouts could not be reached for further comment.