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
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
