Sprouts Shares Double During IPO
PHOENIX — Riding a compelling growth story in a hot industry, Sprouts Farmers Market literally and figuratively rang the bell of the NASDAQ stock market during its first day of trading Aug. 1.
PHOENIX — Riding a compelling growth story in a hot industry, Sprouts Farmers Market literally and figuratively rang the bell of the NASDAQ stock market during its first day of trading Aug. 1.
The natural food retailer raised $333 million by selling 18.5 million shares at $18 during the initial offering — shares that were initially expected to sell between $14 and $16 per share, according to a prospectus. On the public market, shares opened at $35 and closed at $40.23 — an increase of more than 123% in its first day.
Doug Sanders
, Sprouts president and chief executive officer, in an interview with SN said he felt investors were attracted by Sprouts’ strong performance and long-term growth prospects, and by momentum in the natural/organic industry.