US-based grocery chain Roundy’s raised $163m from its initial public offering (IPO) when it floated on Wednesday, selling 19.2 million shares at the price of $8.50 per share.

The shares were priced below the range of $10-$12 set by Roundy’s last month while a million extra shares were offered in the flotation. Shares finished slightly up, on $9.00 after the first day’s trading.

Of the $163m figure, about $35m will go to shareholders, the largest being private equity firm Willis & Stein, which divested nearly three million shares in the offering but which retains 36.7% of Roundy’s’ shares.

Northwestern Mutual Life Insurance sold about 265,000 shares and retains 3.3% of the shares. Institutional shareholders in Roundy’s also include private equity firm AlpInvest Partners (4.9%) and investment firm Norwest Equity Partners (4.0%).

Roundy’s itself will come away with proceeds of more than $116m, which will be used to repay…

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