Shares of Sprouts Farmers Market Inc. — which has four stores in Albuquerque and two in Santa Fe — more than doubled in their first day of trading on Nasdaq. The stock soared $18.74 to $36.74 in Thursday afternoon trading.
Shares of the natural and organic food store chain priced at $18 each, above the projected price range of $14 to $16 per share. Sprouts initial public offering of 18.5 million shares includes 17.7 million shares being sold by the company and 797,785 shares being sold by certain stockholders.
The Phoenix-based company raised approximately $333 million in proceeds. It won’t receive any proceeds from shares sold by selling stockholders. Sprouts, founded in 2002, runs 163 stores in eight states. The stock is trading under the “SFM” ticker symbol.