Sprouts Farmers Market LLC is a chain of organic grocery stores back by Apollo Global Management. Sprouts' shares increased above its projected range following the company's initial public offering. The company raised USD333 million after its listing on the bourse.
As of 11:50 am in New York, Sprouts' shares increased by 84% to USD33.14. The initial public offering for 18.5 million shares was sold at USD18 per share piece. The price increased after an earlier offer of USD14 to USD16 apiece, according to a statement yesterday. The stock was traded under the symbol SFM and was listed on the NASDAQ Stock Market.
Sprouts raised more funds that it was originally sought through the initial public offering. The increase was made after consumer gained confidence that sparked interest in firms that benefit from increased spending.
In an online presentation done before the IPO, the company's CEO Doug Sanders said that Sprouts has looked into expansion by building more stores. Currently, the company operates more than 160 units in eight states and targets to open in 13 more states.
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