Friday
October
24
2014
5:42 pm
Weather

  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 

Check out our archive of Dining Guides - Yum!

Sprouts more than doubles in debut on Nasdaq
August 02, 2013, 05:00 AM The Associated Press

NEW YORK — Shares of Sprouts Farmers Market Inc. more than doubled Thursday in their debut on the Nasdaq, the biggest first-day gain for an IPO in two years.

The natural and organic food store chain raised about $333 million in its initial public offering of stock. About 18.5 million shares priced at $18 each, above the projected price range of $14 to $16 per share. Of those, 17.7 million shares being sold by the company and nearly 800,000 by early investors.

The Phoenix company won’t receive any proceeds from shares sold by selling stockholders.

The banks managing the IPO may buy another 2.8 million shares, which would add another $50 million in proceeds.

The chain plans to use the money from the deal to pay down debt and for general corporate purposes.

Sprouts, founded in 2002, runs 163 stores in eight states. It offers natural and organic products in stores that average about 27,500 square feet. The company had 2012 sales of about $2 billion and has the potential to open at least 1,200 more stores under its current format.

It’s just the latest food store to become a publicly traded company. In April popular New York grocery store chain Fairway started trading on the Nasdaq. The company is well-known among New York shoppers for offering relatively low prices and cramming its shelves with a wide assortment of groceries. Fairway Group Holdings Corp.’s stock has nearly doubled from its IPO price of $13.

Shares of Sprouts trade under the “SFM” ticker symbol. They closed up $22.11, or 123 percent, at $40.11 Thursday, the biggest first-day gain for an IPO since Qihoo 360 Technology Co.’s debut in March 2011. Qihoo is a Chinese Internet company.

 

 

Tags: shares, company, million, about, stores, chain,


Other stories from today:

 

 
Print this Page Print this Page  |  Bookmark and Share
<< Back
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
What is the most important issue facing the United States right now?

Ebola
Islamic State
Income gap
Russia/Ukraine
Immigration
Health care
The economy

 

 
 
 
 
 
 
Iraqi officials say IS militants used chlorine gas
BAGHDAD — Islamic State militants used chlorine gas during fighting with security forces and Shiit..
Ford profit falls in third quarter on truck costs
DEARBORN, Mich. — Ford's new aluminum-sided F-150 will be a lot lighter and more efficient when it..
Federal officials: Dallas nurse free of Ebola
WASHINGTON — The first nurse diagnosed with Ebola after treating an infected man at a Dallas hospi..
After 1st Ebola case in NYC, 3 others quarantined
NEW YORK — Officials tried to tamp down New Yorkers' fears Friday after a doctor was diagnosed wit..
More >>  
 
 
  
 
  
 
©2014 San Mateo Daily Journal
San Mateo County marketing