In a follow up to an initial public offering, BJ’s Wholesale Club Holdings is getting ready to release additional shares of its stock.
The company has kicked off an underwritten public offering of 28 million shares of its common stock by certain selling stockholders it did not initially identify. The selling stockholders also intend to grant the underwriters a 30-day option to purchase up to an additional 4.20 million shares of the company’s common stock. The final selling price of the shares on offer has not yet been announced.
BJ’s said it will not receive any of the proceeds from the sale of the stock offered, but will bear the costs associated with the sale of such shares, other than underwriting discounts and commissions.
In May, BJ’s announced that it was preparing a June IPO consisting of 37.5 million shares of common stock at a public offering price of $17 per share. The company granted the underwriters a 30-day option to purchase up to an additional 5.63 million shares.