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.