Vital Farms shares soar 63% in trading debut after IPO priced above proposed range

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Shares of ethical food company Vital Farms Inc. soared 63% in their trading debut Friday, after the company’s initial public offering priced at $22 a share, above its proposed price range of $19 to $21. Vital Farms, the biggest U.S. producer of pasture-raised eggs, sold 9.3 million shares to raise $204.6 million. Goldman Sachs, Morgan Stanley, Credit Suisse and Jefferies were underwriters on the deal. The stock is trading on Nasdaq, under the ticker “VITL.” “We have developed a framework that challenges the norms of the incumbent food model and allows us to bring high-quality products from our network of small family farms to a national audience,” the company says in its prospectus. “This framework has enabled us to become the leading U.S. brand of pasture-raised eggs and butter and the second largest U.S. egg brand by retail dollar sales.”Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.