NEW YORK (AP) — 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 were up $4.66, or 36 percent, at $17.66, in midmorning trading. Fairway had priced the stock at $13 per share, above its previous 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.
It says there's room for more than 300 additional U.S. locations.