NEW YORK —
Investors ate up shares of pasta and cracker maker Annie’s on Wednesday, which had the biggest opening-day gain for an IPO this year. It was the latest sign of the pull of natural foods for consumers.
Shares soared 89 percent to close at $35.92. The stock of Proto Labs, a Maple Plain, Minn.-based provider of custom parts, soared 81 percent in its first day of trading in late February.
Best known for its signature macaroni and cheese made with pasta shaped like rabbits, Berkeley, Calif.-based Annie’s now makes about 125 organic and natural-food products and is sold in more than 25,000 locations, almost all in the U.S. Its focus is catering to what it calls “gatekeeper moms,” who are willing to spend 25 to 30 percent more for a healthier alternative to staples such as crackers.
“This isn’t a surprise. It is a brand name that everyone knows, and the natural organic-food sector is pretty hot right now,” said Tiffany Ng, a research analyst at IPO investment advisory firm Renaissance Capital. The Associated Press
