Grocery Outlet public stock offering surges by 25%

Grocery Outlet Holding Corp. GO, +0.48% disclosed Wednesday that its public offering of stock was upsized to 12.5 million shares from 10.0 million shares.

All the shares are being offered by selling shareholders, meaning the company will not receive any proceeds for the offering.

The lead underwriters of the offering are Morgan Stanley, BofA Securities, Deutsche Bank Securities and Jefferies. The retail store operator, which had a market capitalization of $3.16 billion as of Tuesday’s closing price, went public in June 2019.

The stock, which was still inactive in premarket trading, has gained 8.2% year to date, while the S&P 500 SPX, -3.06% has dropped 15.3%.