Fresh Market IPO Reaps $290M

SN STAFF

GREENSBORO, N.C. — The Fresh Market began trading on the Nasdaq stock exchange Friday at $22 per share after an initial public offering that was priced higher than expected.

Fresh Market's shares were up nearly 50%, to about $32.50, in the first day of trading on Friday.

As previously reported, the IPO was expected to be priced at $18 to $20 per share. The $22 price reaped about $290 million for the founders and executives who sold a portion of their shares. The company itself did not seek to raise funds through the sale.

The pricing gives The Fresh Market, which operates 100 high-end, small-format stores in the East and Midwest, a market capitalization of about $1 billion. It is trading under the ticker symbol TFM.

The IPO was led by Bank of America Corp., and JPMorgan, and Goldman Sachs Group.