Aramark Holdings Corp. priced its initial public offering at $20 per share late Wednesday, and trading is expected to begin Thursday.

On Tuesday, filings with the U.S. Securities and Exchange Commission had indicated a proposed maximum price of $23 per share, but the company instead priced the IPO at the low end of the expected $20 to $23 range on Wednesday.

The Philadelphia-based foodservice and facilities management firm said it is offering 36.3 shares of common stock, including 28 million shares by Aramark and another 8.3 million by existing stockholders. Certain shareholders have granted the underwriters an option to purchase up to 5.4 million.

At $20 per share, the IPO could raise about $725 million.

The company is expected to trade on the New York Stock Exchange under the ticker symbol ARMK.

Aramark provides meals and other services to schools, health care facilities and sports venues in 22 countries, but primarily throughout North America, which represented about 70 percent of sales in fiscal 2013. This year, new clients included the Ohio and Michigan departments of correction, the Minnesota Vikings, the Chicago Bears and the Tampa Bay Buccaneers, for example.

In fiscal 2013, which ended Sept. 27, the company recorded sales of about $13.9 billion.

This is Aramark’s third time going public. The first time was in 1960 when the business primarily involved vending machines. But in 1983, then-chief executive Joseph Neubauer took the company private, reportedly in an attempt to fend off a hostile takeover.

The company filed for an IPO again in 2001 but was delisted in 2007 in a management buyout led by GS Capital Partners, CCMP Capital Advisors, J.P. Morgan Partners, Thomas H. Lee Partners and Warburg Pincus LLC, as well as about 250 people on the senior management team.

Last year, Eric Foss, previously chief executive of Pepsi Beverages Col and chair and CEO of the Pepsi Bottling Group, was named chief executive of Aramark, replacing Neubauer, who remains chair.

Update: Dec. 12, 2013  This story has been updated to reflect the more recent announcement by Aramark on its IPO price of $20 per share.

Contact Lisa Jennings at lisa.jennings@penton.com.
Follow her on Twitter: @livetodineout