Reuters: Private Equity: UPDATE 1-Annie's Inc sees IPO priced at $14-$16/shr

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UPDATE 1-Annie's Inc sees IPO priced at $14-$16/shr Mar 16th 2012, 15:49 Fri Mar 16, 2012 11:49am EDT * To list on Nasdaq under symbol "BNNY" * Co to sell 1.1 mln shares in IPO * Shares expected to begin trading on March 29 March 16 (Reuters) - Organic food maker Annie's Inc said it expects its initial public offering of 5 million shares to be priced at between $14 and $16 each. The company, which is known for its macaroni and cheese, and its mascot Bernie -- the Rabbit of Approval -- will sell 1.1 million shares in the offering, with the rest being offered by stockholders, mainly Solera Capital. After the listing, the private equity firm will see its stake in Annie's go down to 63.5 percent. Berkeley, California-based Annie's, which intends to list on the Nasdaq under the symbol "BNNY", had filed with regulators in December for an IPO of up to $100 million. JP Morgan and Credit Suisse Securities are acting as representatives for the underwriters to the offering. The company was founded in 1989 by Annie Withey and Andrew Martin, the creators of Smartfood Popcorn, which was sold to Frito-Lay -- a unit of PepsiCo Inc -- in 1989. Annie's offers over 125 products and is present in more than 25,000 retail locations in the U.S. and Canada, according to a regulatory filing by the company. The company generated a net income of $15.1 million from its operations and a revenue of $117.6 million in fiscal 2011. The company's shares are expected to begin trading on March 29, an underwriter told Reuters. Link this Share this Digg this Email Reprints

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