Albertsons Companies Inc. /zigman2/quotes/209620932/composite ACI +1.03% priced its initial public offering at $16 a share Thursday afternoon, lower than the price range it was seeking. The grocer will sell 50 million shares, also below expectations, as it was seeking to sell 65.8 million shares in a range between $18 and $20 a share, according to a filing. The Wall Street Journal reported earlier Thursday, citing people familiar with the issue, that the company would sell fewer shares at a lower price. The IPO values the company, which operates grocery stores under the Albertsons, Safeway, Vons, Jewel-Osco and other names as well as meal-kit company Plated, at less than $10 billion. In the filing last week Albertsons said it was experiencing "momentum" related to the coronavirus pandemic and it was confident it would "continue delivering profitable growth going forward." Shares are expected to begin trading Friday on the New York Stock Exchange under the ticker ACI.