NEW YORK (CNNMoney) -- Shares of organic food company Annie's soared more than 60% Wednesday shortly after the company made its public debut.
Annie's (BNNY), a Berkeley, California maker of gluten-free mac and cheese, priced its initial public offering late Tuesday at $19 per share. That's above its initial price range of $16 to $18 per share as of Monday and higher than the initial range of $14 to $16 per share.
The company's stock quickly surged to $32 at the start of trading. That values Annie's at $532 million.
Annie's sold 5 million shares in the offering on the New York Stock Exchange, so the company will raise about $100 million in the IPO. The company is using the ticker BNNY, a reference to the company's rabbit logo.
Founded in 1989, Annie's has built its brand around organic and gluten-free versions of American staples like mac and cheese, frozen pizza, and graham crackers. Annie's is majority owned by the private equity firm Solera Capital.
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Annie's has been profitable since 2010. In 2011, the company generated $20 million in profits on $117.6 million in sales, up from $96 million in 2010 sales and $6 million in profits.
In a historic week where 10 companies could go public, Annie's is said to be a favorite among investors. "It's definitely the hottest deal of the week," said Scott Sweet, senior managing partner at IPO Boutique.
Annie's IPO was said to be massively oversubscribed, meaning that many institutional and retail accounts looking to buy into the offering before it starts trading weren't able to buy shares. That helped the underwriters, Credit Suisse (CS) and JPMorgan Chase (JPM, Fortune 500), push up the initial price range by Tuesday night.
Vocera Communications (VCRA), a maker of health care technology, also debuted today on the New York Stock Exchange and is up roughly 45%.
The other highly anticipated deals this week include mobile advertising firm Millennial Media and online T-shirt seller CafePress.
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