Fairway shares climb on first day of trading
Shares of Fairway climbed on their first day of trading after the New York grocery store chain priced its initial public offering above expectations.
The company’s shares rose $3.89, or 30 percent, to $16.89 in afternoon trading. Fairway had priced the stock at $13 per share, above its forecast of $10 to $12.
Fairway is well-known among New York shoppers for offering relatively low prices and cramming its shelves with a wide assortment of groceries. The company began as a fruit and vegetable stand in 1933 and has since expanded to a dozen locations in the region, including in Connecticut and New Jersey.