BERKELEY, Calif. — Shares of Annie’s Inc., the popular organic foods maker, rocketed more than 75 percent Wednesday in their first day of public trading, expanding on the past year’s line of hot initial public offerings.
In recent trading, the stock was up 78 percent, at $33.75, from the $19-per-share price of its initial public offering.
Shares got off to a hot start as soon as the market opened, rising 65 percent within the first 30 minutes of trading Wednesday morning. Through the afternoon, they gradually pushed higher, as buyers looked to get in on the action.
The company is trading on the NYSE under the ticker symbol “BNNY,” a tribute to its signature bunny logo.
The $19 range of Annie’s IPO came in above what many industry figures were anticipating. Analysts were expecting the IPO to price in a planned range between $16 to $18 a share, in line with the company’s initial estimate.
Annie’s said earlier Wednesday that it would offer a combined five million shares. The company expects to use the net proceeds from the public float to help pay down debt and a $1.3-million fee to end an advisory agreement.
Annie’s, founded in 1989, boasts more than 120 natural food products without “artificial flavors and synthetic colors,” that are sold in over 25,000 retail locations in the US and Canada. Among the more popular offerings are its Mac & Cheese and Organic Rising Crust Pizza.
The California-based firm also sells a variety of products catered to special diets, including vegan salad dressings and gluten-free pasta and snacks.
In 2011, Annie’s revenue grew 23 percent to $117.6 million. Profit increased to $20.2 million from $6 million the year before.
By the end of Wednesday’s trading, Annie’s IPO could be one of the best of the past 12 months. In May, shares of LinkedIn more than doubled on their first day of trading, while, in February, Caesar’s Entertainment shares rose 71 percent on their fist day.