Tags: annies | food | ipo

Organic-foods Maker Annie's Scores Big in IPO

Wednesday, 28 Mar 2012 10:15 AM

 

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Shares of Annie's Inc. soared 64 percent during their market debut on Wednesday, as investors banked on the growth of the natural foods category.

The Berkeley, California-based company, known for its organic food products, opened New York Stock Exchange trading at $31.11 after pricing shares above the expected range at $19. It sold 5 million shares, raising $95 million.

Annie's had upped its expected range earlier this week to between $16 and $18 apiece from $14 to $16.

Annie's, known for its bunny mascot and products like macaroni and cheese and snack crackers, is available in over 25,000 retail locations across North America.

In 2011, Annie's revenue grew 23 percent to $117.6 million. Profit increased to $20.2 million from $6.0 million the year before.

Annie's is one of nine offerings to hit the public markets this week. Other high profile IPOs include mobile advertising company Millennial Media, industrial parts maker Rexnord Corp , wireless communications company Vocera Communications Inc and e-commerce company Cafe Press.

J.P. Morgan and Credit Suisse are the lead underwriters on the offering.

© 2014 Thomson/Reuters. All rights reserved.

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