Reuters: Global Markets: Shares of Annie's soar in early NYSE trading

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Shares of Annie's soar in early NYSE trading Mar 28th 2012, 14:12 Wed Mar 28, 2012 10:12am EDT (Reuters) - Shares of Annie's Inc (BNNY.N) soared 64 percent during their market debut on Wednesday, as investors banked on the growth of the natural foods category. The Berkeley, California-based company, known for its organic food products, opened New York Stock Exchange trading at $31.11 after pricing shares above the expected range at $19. It sold 5 million shares, raising $95 million. Annie's had upped its expected range earlier this week to between $16 and $18 apiece from $14 to $16. Annie's, known for its bunny mascot and products like macaroni and cheese and snack crackers, is available in over 25,000 retail locations across North America. In 2011, Annie's revenue grew 23 percent to $117.6 million. Profit increased to $20.2 million from $6.0 million the year before. Annie's is one of nine offerings to hit the public markets this week. Other high profile IPOs include mobile advertising company Millennial Media, industrial parts maker Rexnord Corp (RXN.N), wireless communications company Vocera Communications Inc (VCRA.N) and e-commerce company Cafe Press. J.P. Morgan and Credit Suisse are the lead underwriters on the offering. (Reporting By Olivia Oran; Editing by Gerald E. McCormick) Link this Share this Digg this Email Reprints

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