Kevin McCarthy might soon be known as speaker of the House in Washington, but when he visits his hometown he's still just "Kevin."
Sprouts Farmers Markets Proves Popular On First Day Of Public Trading
Shares of Phoenix-based Sprouts Farmers Markets more than doubled in value on their first day of public trading. The company’s ticker symbol SFM opened trading on the NASDAQ stock exchange at $18 a share. By Thursday afternoon, the stock was worth more than $40.According to Forbes, it is the best public offering debut since Linked-In jumped more than 100 percent on its first day of trading back in 2011.
Sprouts executives took the company public to raise about $300 million. They will use the money to pay off debt. The grocery chain has grown fast in a crowded but lucrative health food market. Sprouts operates stores in eight states.
Editor's Note: The correct ticker symbol is SFM, not SFP. Updated 8/1/13 at 5:13 p.m.