Safeway hoping to raise as much as $220 million through Blackhawk IPO

PLEASANTON, Calif. — Blackhawk Network Holdings on Monday announced its intent to open its initial public offering of 10 million shares at an estimated offering price of $20 to $22 per share. The IPO will consist solely of shares to be offered by existing stockholders, including Safeway, and could raise as much as $220 million. 

Goldman, Sachs & Co., BofA Merrill Lynch, Citigroup and Deutsche Bank Securities will serve as joint-bookrunning managers, with Goldman, Sachs & Co. serving as the global coordinator for the proposed offering. Barclays, BMO Capital Markets, Credit Suisse, Piper Jaffray, Raymond James and Wells Fargo Securities will serve as co-managers for the proposed offering. The offering will be made only by means of a prospectus. 

Blackhawk, a majority-owned subsidiary of Safeway, is a prepaid payment network utilizing proprietary technology to offer a portfolio of gift cards, other prepaid products and payment services in the United States and 18 other countries.