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.