Fairway Offers Shares to the Public for the First Time

This article was posted by Caitlin Nolan. It was reported and written by Nathan Duke. 

Fairway Market, a supermarket chain that reopened its popular store in Red Hook last month, offered shares of the company to the public in the NASDAQ for the first time on Wednesday.   

Each share of Fairway Group Holdings, which had the ticket FWM, opened at $13, CNN Money reported. It climbed as high as $18.41 before dropping back to $16.25.   
The company said it expected net proceeds from the public offering to be around $158.8 million. The money would go toward store growth, CNN reported.   

The high-end market was founded by Nathan Glickberg in 1940 as an Upper West Side fruit and vegetable stand. It now operates stores in Manhattan, Brooklyn, Westchester County, Long Island, New Jersey and Connecticut.   

In 2006, Fairway opened its 75,814-square-foot chain store in Red Hook, the largest of the store's New York outlets. The store is Fairway’s only site in Brooklyn.