Annie’s… Anatomy of a Hot IPO (BNNY)

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