Organic food is flying off the grocery store shelves, and Annie's Inc. is soaring in its stock market debut on Wednesdsay, with IPO shares jumping 65 percent.
Shares were initially offered at $19 -- already above its revised target range of $16-$18 -- then soared above $30 after the opening bell on Wall Street.
The Berkeley, Calif. based company sold 5 million shares in the offering on the New York Stock Exchange, raising about $100 million in the IPO. The company's ticker is BNNY, a reference to its rabbit logo.
Annie's, established more than 20 years ago, started out producing natural and healthy macaroni and cheese dinners. The company is now a seller of organic and natural alternatives to traditional convenience foods, snacks and cereal.
The company could be on track for one of the best IPOs of the year. Caesar's Entertainment closed up 71 percent on its first day.
For comments and feedback: editorial@rttnews.com