Natural and organic food company Annie's Inc. on Friday, March 16, set a target price range of $14 to $16 per share for an initial public offering of 5 million shares.

The Berkeley, Calif.-based company said in a filing with the Securities and Exchange Commission it planned to sell about 1.1 million shares in the company, with stakeholders including Solera Capital LLC and Najeti Ventures LLC selling the remaining 3.9 million.

Annie's, known for its organic mac and cheese, has an option to sell another 750,000 shares, meaning it would raise $92 million at the top end of the price range. At the midrange of $15 per share, the company would have a market capitalization of about $251 million.

Annie's has yet to set a date for the IPO. It plans to trade on the New York Stock Exchange under the ticker BNNY.

Annie's said it will net about $9.7 million from the offering, assuming a $15 share price and after the deduction of expenses and the underwriters' discount. The company said it will use $1.3 million of the proceeds to terminate an advisory services agreement with Solera and to pay down debt.

The company will not receive any proceeds from the selling shareholders, it noted.

Co-lead underwriters for the offering are Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC. The underwriters have an option to purchase up to 750,000 additional shares to cover overallotments, which can be exercised within 30 days of the prospectus, the filing said.

Solera, a New York-based private equity firm that owns 90.5% of the company, will sell about 3.6 million of its 14.2 million shares of common stock, reducing its stake to 63.5%. Najeti, which holds a 6.5% stake, will sell roughly 250,000 of its approximately 1 million shares, reducing its stake to 4.5%.

Other stockholders selling shares include Annie Christopher and Peter Backman, founders of salad dressing business Annie's Naturals, which was acquired by Annie's Inc. in November 2005, and Annie's Inc. founder Ann Withey.

Withey founded the company with Andrew Martin in 1989, according to the company's website.

Annie's offers products in the natural and organic category such as macaroni and cheese, snack crackers, fruit snacks and graham crackers. It sells its products in more than 25,000 retail locations.

The company said in regulatory filings that it had $15.1 million in income on $117.6 million in revenue in fiscal 2011. Annie's said it has achieved a 15.7% annual compound growth rate since fiscal 2007.