IPO success for food firm Annie’s

Shares in Annie’s surged 89 per cent on their first day of trading yesterday despite the organic food company pricing its IPO above a boosted price range. Listed on the New York Stock Exchange, Annie’s had the best debut performance since LinkedIn’s shares soared 109 per cent when the website floated for $45 last May. Annie’s stock opened at $19 and closed at $35.92. 11 out of 12 March IPOs in the US gained on their first day, while four out of 18 flotations last month dropped immediately after listing. According to the NYSE, the average return for IPOs on their first day of trading this year is 15 per cent.