Green shoot alert! Sprouts Farmers Market doubles on IPO
Shares of organic grocer Sprouts Farmers Market, which is backed by private equity firm Apollo Global Management, doubled in their market debut, valuing the company at about $5.24 billion.
Sprouts Farmers Market shares opened at $35 on the Nasdaq. The offering of 18.5 million shares was priced at $18 per share, well above the expected price range, raising $333 million.
Sprouts, a retailer of natural and organic food, operates more than 160 stores across the United States and sells everything from fresh fruit to homemade burgers.
On Wednesday, competitor Whole Foods Market reported earnings that beat expectations, though sales were light and same-store sales growth appeared to be slowing.
—By Reuters With CNBC