Annie’s Inc (NYSE: BNNY) was already going to be a hot IPO, but somehow this one went up, up, and away in the category of “hot IPOs” in its debut. After two price hikes to the IPO range, this organic foods company saw its shares rise more than 60% in its debut.
The organic food products company saw its shares rise to over $32.00 after a $19.000 share price. Part of the issue is that only 5 million shares were sold in the IPO and that came to a gross amount of $95 million shares.
Earlier this week the range was raised to $16 to $18 from a prior range of $14 to $16. The $19 price was impressive as is, but $32.00 in the after-market is almost astounding. You can bet that the overallotment option was already exercised by the lead underwriters of J.P. Morgan and Credit Suisse.
Annie’s revenue rose 23% in 2011 to $117.6 million, while its earnings rose over 200% to about $20.2 million.
At 10:26 AM EST we have seen 3.8 million shares trade hands and the last price was now north of $32.00.
JON C. OGG
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
