The shares of Pinnacle Foods Inc (NYSE:PF) surged by 13 percent to around $22.58 during its initial public offering Thursday, in New York.

Pinnacle Foods Logo

The maker of Birds Eye frozen foods, Duncan Hines frosting and cake mixes, and Vlasic pickles offered 29 million shares at $20 per share, the highest price based on its expected price range from $18-$20 per share on its filing with the Securities and Exchange Commission (SEC).

Pinnacle Foods’ stock price opened at $22.26 per share and it peaked at $22.88 per share in the early morning trading activity. The company has a market valuation of around $2.3 billion.

Pinnacle Foods Inc (NYSE:PF) raised $580 million during its first day of trading. The company could raise more funds if the banks managing the offering decide to purchase an additional 4.4 million shares. Pinnacle Foods plans to use the proceeds from its offering to reduce its liabilities. By the end of 2012, the company declared that it has a total debt of $2.1 billion.

According to Pinnacle Foods Inc (NYSE:PF), eighty five percent of households in the United States purchase its products. Last year, the company reported $2.48 billion in revenue and $52.6 million net income. From 2008 to 2012, the company recorded a 59 percent sales growth.

The Blackstone Group LP (NYSE:BX) supported the IPO of Pinnacle Foods Inc (NYSE:PF). The private equity firm acquired the food manufacturer in April 2007 for $2.16 billion. The company’s IPO is among the series of public offerings backed by private equity firms this year. Most of the financial institutions that invested during the buyout boom in 2006 to 2007 are now trying to sell their investments.

In January, Norwegian Cruise Line Holdings Ltd (NASDAQ:NCLH) went public with the backing of private equity firm, Apollo Global Management (NYSE:APO). During its first day of trading the cruise line operator’s stock price surged by 32 percent from $19 to $25 per share.

Other private-equity backed companies that went public during the period include Bright Horizons Family Solutions Inc (NYSE:BFAM) by Bain Capital and West Corp (NASDAQ:WSTC) by Thomas H. Lee Partners ad Quadrangle Group.

Based on data from Thomson Reuters, the IPO volume in the United States during the quarter rose by 65.2 percent to $8.5 billion.

The lead underwriters of Pinnacle Foods Inc (NYSE:PF) in its IPO were Bank of America Merrill Lynch and Barclays PLC (NYSE:BCS) (LON:BARC).