Organic Food Maker Prices IPO
Natural and organic food maker Annie's Inc. priced its initial public offering of 5 million shares at $19 late Tuesday, according to Renaissance Capital.
That's above the range of $16 to $18 that the company expected on Monday. The company originally planned to offer its shares at $14 to $16.
Annie's, based in Berkeley, Calif., 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.
The company, whose packaging features a rabbit mascot, will be traded on the New York Stock Exchange under the symbol BNNY. Shares will begin trading Wednesday.
The proceeds will largely go to its biggest shareholder, private equity firm Solera Capital. The company also plans to use the funds to pay down debt and for general corporate purposes.
Credit Suisse Securities and J.P. Morgan Securities were the joint book-running managers and representatives of the underwriters for the offering.