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August 1, 2013
Sprouts Farmers Market shot out of the Nasdaq chute Thursday, riding to $33.14 a share as of 11:50 a.m., according to an early Bloomberg Businessweek report.
The natural retailer's initial public offering raised $333 million, with initial shares selling for $18.
At the midpoint of the proposed IPO range, Sprouts was valued at about 29 times estimated 2014 earnings, according to marketing information for the sale obtained by Bloomberg News. At the IPO price, the company has a market value of $2.6 billion, or about 34 times, according to data compiled by Bloomberg. That’s more expensive than larger peer Whole Foods Market Inc.
Senior Content Director, New Hope Network
As the senior content director at New Hope Network, Christine Kapperman combines her 20-year journalism background with her passion for business to cover the natural products industry for newhope.com and Natural Foods Merchandiser magazine. She also led content at worldteanews.com. She loves tracking (and tasting) trends as she shares what’s next to show up in cups, plates and in pantries across the United States.
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