US Foods Holding Corp (USFD) may be in the mundane business of food distribution — but investors have nonetheless found excitement with this company. Last night, its initial public offering priced at $23 a share, which was in the upper part of the $21-to-$24 range. Source: AmtrakGuy2010 via Flickr
And so far in today’s trading, the U.S. Foods IPO is up about 8%. The deal is actually the second largest this year, only behind the recent offering for MGM Growth Properties LLC (MGP) .
Yet, the path for the U.S. Foods IPO has not been easy. Back during the height of the buyout boom in 2007, the company went private in a $7 billion deal. But of course, the timing was awful as the U.S. economy would soon plunge into the financial crisis. As a result, U.S. Foods had to take swift actions to restructure the operations. Read