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Shares of Fairway Group Holdings Inc., the operator of supermarkets that have long been a favorite of New Yorkers, were snapped up off the shelves following its initial public offering.The company, which traces its roots to a produce stand founded on Manhattan's Upper West Side in 1933, saw its shares open at $18 on the Nasdaq Stock Market, up 38% from their $13 offer price. The stock, trading under the ticker symbol "FWM," was 39% at $18.01 in recent trading.Fairway and current holders are selling 13.7 million shares, not including extra shares allotted to underwriters, in a deal worth $177 million. The IPO priced late Thursday above its expected $10-to-$12 range, indicating investor demand exceeded the company and underwriters' projections.The company's public debut was dealt a setback late last year as superstorm Sandy caused the temporary closing of all of Fairway's stores, including the shuttering of a damaged Brooklyn branch for four months. The storm slowed Fairway's IPO marketi...
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