BJ's Wholesale Club to offer 37.5 million shares in IPO

BJ's Wholesale Club (BJ) set terms for its planned initial public offering on Monday, saying in a regulatory filing that it plans to offer 37.5 million shares priced at $15 to $17 a pop.

The anticipated pricing values the warehouse club operator at a market cap of up to $2.15 billion.

At the top end of that range, the offering of 37.5 million shares would raise $637.5 million.

The company, which was taken private in 2011 for $2.8 billion, filed with regulators to go public for the second time last month.

It owns 215 warehouse clubs, mainly on the U.S. east coast, and competes with Costco Wholesale and Walmart's Sam's Club.

The wholesaler is planning to list on the New York Stock Exchange under the ticker symbol "BJ."

BofA Merrill Lynch, Deutsche Bank, Goldman Sachs and JPMorgan are lead managers on the deal, with another 10 banks acting as co-managers. Underwrites will have the option to purchase up to 5.6 million additional shares for a period of 30 days.