Pasta Maker Annie’s Shares Soar in NYSE Debut
NEW YORK (AP) - Shares of organic pasta maker Annie's Inc. are soaring in their market debut on the New York Stock Exchange.
The Berkeley, Calif., company raised $95 million in an initial public offering, pricing 5 million shares at $19 late Tuesday.
That's above the range of $16 to $18 that the company expected on Monday. It originally planned to offer its share at $14 to $16.
Since about 80 percent of the shares were sold by company stockholders rather than Annie's, the company expects net proceeds from the IPO of just $11.6 million, after expenses. Proceeds from shareholder sales don't go to the company.
Annie's plans to use some of the money to pay down debt.
Annie's makes a number of organic and natural foods that are sold nationwide. It's best known for its signature macaroni and cheese with pasta shaped like rabbits.
Credit Suisse and JPMorgan managed the IPO.
The stock is up 72 percent to $32.67 in the first hour of trading.