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Sprouts Shares More Than Double in Best Debut in 2 Years

Sprouts Farmers Market LLC, the organic grocery chain backed by Apollo Global Management LLC, more than doubled on its first day of trading, the biggest gain for a U.S. initial public offering in more than two years.

The shares surged to $40.11 at the close in New York. The 123 percent increase was the biggest first-day gain for an IPO larger that $65 million priced in the U.S. since Qihoo 360 Technology Co.’s debut in March 2011, according to data compiled by Bloomberg. Phoenix-based Sprouts raised $333 million in its initial public offering yesterday, pricing the shares at $18 each, above the marketed range of $14 to $16.