Annie’s, a California-based maker of packaged foods including cheddar bunnies and organic granola bars backed by Solera Capital, has raised $95m through an initial public offering on the New York Stock Exchange.
Solera, the US mid-market private equity firm that owns a 91 per cent stake in the business, sold down its stake to 63 per cent after selling five million shares for $19 each, after offering them for $16 to $18 per share.
The company, which makes over 125 products sold through more than 25,000 retail outlets across North America, raised the price range earlier this week from $14 to $16 per share. Shares will begin trading today under the ticker BNNY.
Annie’s posted revenues of $98.3m for the nine months ended 31 December 2011, a 21 per cent increase from the same period the previous year. The business generated a profit of $6m for the year ended 31 March 2010 following three years of losses.
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