Albertsons Cos Inc [ABS.N], the No.2 U.S. grocery chain, said it hoped its initial public offering would raise $1.7 billion, an ambitious target at a time of intensifying industry competition and uncertainty in global capital markets. The determination of Albertsons' majority owner, private equity firm Cerberus Capital Management LP , to carry out the IPO despite market volatility underscores confidence that it can fetch a high valuation.