Grocery Outlet Holding GO made its debut on the Nasdaq on Thursday at $31. The 17 million shares of stock had been priced at $22.
Grocery Outlet is an extreme value retailer of name-brand consumables and fresh products sold through a network of independently-operated stores.
Its stores are run by entrepreneurial independent operators, or IOs, who run the stores, creating a neighborhood feel through personalized customer service and localized product offering. The company has been reporting positive comps for 15 straight years. The store count has grown at a CAGR of 10% since 2015 and currently stands at over 300 stores.
Grocery Outlet generated net sales of $2.29 billion in fiscal year ended Dec. 2018, up 10% year over year from $2.08 billion in 2017. For the three months ended March 2019, the company raked in net sales of $606.27 million.
The stock traded around $30.01 per share at time of publication.
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