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The Boston Globe

Business

Pinnacle Foods rises in 1st day of trading

NEW YORK — Shares of Pinnacle Foods Inc., the maker of Birds Eye frozen foods, Duncan Hines cake mixes, and Vlasic pickles, jumped 11 percent on their first trading day.

The company’s stock priced at $20 and closed at $22.21. The shares priced at the high end of their expected range of $18 to $20 per share.

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Pinnacle raised $580 million in an initial public offering of 29 million shares. The banks managing the deal may buy another 4.4 million shares to sell, increasing the proceeds. The Parsippany, N.J., company plans to use proceeds to lower debt but will still have $2.1 billion in debt.

Moody’s Investors Service put Pinnacle’s ratings on review for an upgrade. It currently has a ‘‘B2’’ corporate family rating on Pinnacle, which puts it in the middle of junk-grade territory.

Pinnacle Foods, which says its products are found in 85 percent of US households, had revenue of $2.48 billion in 2012 and net income of $52.6 million. Between 2008 and 2012, sales grew 59 percent.

The private equity firm Blackstone Group bought Pinnacle in 2007 and still owns about 70 percent of the company following the IPO.

The shares are trading on the New York Stock Exchange under the ‘‘PF’’ symbol.

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