Convenience store operator Yesway Inc. raised $280 million in an upsized initial public offering, pricing shares at $20 each - the bottom of its marketed range. The Fort Worth-based chain sold 14 million shares, giving it a market value of roughly $1.2 billion based on outstanding shares. The IPO was backed by Brookwood Financial Partners and marks Yesway's second attempt after withdrawing plans in 2022.

Yesway operates 448 locations across nine states, known for its food service offerings, private-label products, and the 2019 acquisition of Allsup's - famous for its deep-fried burritos. The company has agreed to sell 29 locations by year-end. The offering comes as convenience store stocks gain popularity on Wall Street, with chains like Casey's General Stores up 41% this year, Murphy USA rising 27%, and Arko Corp. jumping 45%.

Led by Morgan Stanley, JPMorgan Chase, and Goldman Sachs, Yesway's shares will trade on the Nasdaq under the symbol YSWY. The successful IPO reflects investor appetite for defensive retail plays with value-oriented food options, particularly as interest rates stabilize after the 2022 market downturn.