Sunday
August
30
2015
5:36 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
 
 
 
 
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
 
Do you think Joe Biden should run for president?

Yes, I like him
Yes, it will give Hillary Clinton some competition
Only if Clinton's campaign starts failing
No, it will distract from Clinton's campaign
No, I don't like him
Doesn't matter, I'm voting Republican

 

 
 
 
 
 
 
 
Highway 101 in Burlingame open after power line repair
THIS IS A BREAKING NEWS UPDATE: Highway 101 is open in both directions with one lane on the northbou..
Storm dissipates after killing at least 20 in Caribbean
HAVANA — Tropical Storm Erika dissipated early Saturday, even as its remnants began drenching part..
More >>  
 
 
  
 
  
 
©2015 San Mateo Daily Journal
Foster City news