Egg company Vital Farms sees stock climb 60 percent after IPO
Egg producer Vital Farms closed its first day of trading up nearly 60 percent, with stock selling at $35 last Friday. Now the largest pasture-raised egg brand in the U.S., the company had to boost its opening price even before its public debut. Vital raised $205 million, offering $9.3 million shares for trading, Forbes reports. And its success may prove that more ethical standards in pay for farmers and plant workers are appealing to consumers and investors. The company, which counts Whole Foods and Kroger among its retail customers, brought in $140 million in sales last year. Founder Matt O’Hayer remains the single largest shareholder, with 35 percent of its stock ahead of the IPO. The only other large-scale, publicly- traded egg company is Cal-Maine, which is the nation’s largest egg producer.