Fairway Offers Shares to the Public for the First Time

Fairway Market, a popular supermarket chain that opened a Douglaston chain store in 2011, 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 November 2011, Fairway opened a 56,000-square-foot chain store at the Douglaston Shopping Plaza. The store is Fairway’s only site in Queens.