Shares in Natural Grocers by Vitamin Cottage opened over 20% above their IPO price on the first day of trading in the US natural and organic retailer.

The company, which has stores in 11 US states, saw its shares reach over $18 on the New York Stock Exchange today (25 July).

It had priced its flotation at $15 a share, which had valued the listing at $107.1m. At 13:47 ET, Natural Grocers shares were at $18.19. Natural Grocers expects the share offer to close on Monday.

The company is the latest firm in the US organic sector to list on the stock market. In March, US organic food manufacturer Annie’s Inc went public in New York.