Convenience store operator Yesway (YSWY.US) sets IPO price at $20 per share, aiming to raise $280 million.

Convenience store operator Yesway plans to raise $280 million through an initial public offering (IPO). The company plans to issue 14 million shares of stock at a price of $20 per share. Previously, the company planned to issue 13.95 million shares at a price of $20 to $23 per share. Based on the disclosed number of shares issued in its filing, this pricing will give the company a market value of approximately $1.2 billion. The company plans to list on the Nasdaq under the stock ticker "YSWY". With the support of Boston private equity firm Brookwood Financial Partners, Yesway had filed for an IPO in 2021 but withdrew the plans the following year due to the rise in interest rates essentially closing the IPO market. Yesway is known for its food service, diverse grocery selection, and private label products. In 2019, the company acquired convenience store chain Allsups, known for its fried burritos. As of December 31, the company owns 448 stores in 9 states in the US and has agreed to sell 29 of them by the end of this year. The documents show that the company's parent company BW Ultimate Parent LLC, headquartered in Fort Worth, Texas, is projected to earn a net profit of $54 million and revenue of $2.7 billion in 2025, compared to $24 million in net profit and $2.5 billion in revenue in the previous year. Convenience store stocks have been popular on Wall Street in recent years, benefiting from their defensive nature and value-oriented food selection. This year, the stock prices of several publicly traded convenience store companies have risen, with Caseys General Stores (CASY.US) up over 41%, Murphy USA (MUSA.US) up over 27%, and Arko Corp. (ARKO.US) up over 45%.