Nothing cheesy here: Annie's IPO soars 60%

Shares of organic food company Annie's soared more than 60% Wednesday shortly after the company made its public debut.

Annie's (BNNY), a Berkeley, Calif.-based maker of gluten-free macaroni and cheese, priced its initial public offering late Tuesday at $19 per share. That's above its upwardly revised target range of $16 to $18.

The company's stock quickly surged to $32 at the start of trading, and eventually climbed to $42. At $42 per share, Annie's is valued at nearly $700 million.

Annie's sold 5 million shares in the offering on the New York Stock Exchange (NYX, Fortune 500), so the company will raise about $100 million in the IPO. The company is using the ticker BNNY, a reference to the company's rabbit logo.

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- Posted: 2012-03-28 10:39:10

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