Albertsons CEO Vivek Sankaran said Friday that he’s pleased about the company’s initial public offering, even as its shares fell a few dollars short of expectations.
The grocery store operator began trading Friday on the New York Stock Exchange under the ticker “ACI.” It debuted at a lower-than-expected $16 per share, below its $18-$20 target range.
On CNBC’s “Squawk Alley,” Sankaran said the drop in price reflects the volatility of the market, not the strength of the company.
“It’s so hard to predict what’s happening in the market anymore,” he said. “It’s so different from the beginning of the week to the end of the week, but we are just proud that in this extremely difficult…