As he watched trading begin on Friday morning for Vital Farms, the pasture-raised egg company’s CEO Russell Diez-Canseco said the day one success of its initial public offering was a fun distraction — and a reminder of the work that lies ahead.
Vital Farms, which has the NASDAQ ticker symbol VITL, closed its first day of trading up nearly 60%, with stock selling at $35, up from its initial price of $22. The company raised $205 million, offering 9.3 million shares for trading on Friday. Vital Farms increased its share price — initially projected at $15 to $17 per share — in the days before trading began. As of Monday morning, the company’s market cap was $1.38 billion.
In a telephone conversation with Food Dive about an hour after trading started, Diez-Canseco said going public is central to Vital Farms’ commitment to conscious capitalism.