Krispy Kreme’s cameo appearance on the public markets is off to a not-so-sweet debut.
The doughnut chain, which is expected to begin trading Thursday, has priced its initial public offering at $17 per share, raising about $500 million. That’s well below what the company was hoping for — $21 to $24 per share — when it announced its original terms last month.
The tepid reaction from investors perhaps indicates Wall Street isn’t keen on a chain that exclusively focuses on sugary treats during this health-conscious era.
Krispy Kreme, which has headquarters operations in Charlotte and Winston-Salem, will trade on the Nasdaq under the ticker symbol “DNUT.” J.P. Morgan, Morgan Stanley and Citigroup are some of the major banks underwriting the stock.
The 84-year-old company announced in May it was, once again, going public. Krispy Kreme delisted its stock in 2016 after it went private following a $1.35 billion purchase from JAB Holding Company, a private firm that invests in food and beverage brands. It had previously gone public in 2000, and had some difficult years before the 2016 acquisition.
The company has been working to remodel its stores in recent years and has also opened lavish locations showcasing its sugary treats. Last year, Krisy Kreme opened a 4,500-square-foot location in New York City’s Time Square with a glaze waterfall and a 24-hour street-side pickup window.
Krispy Kreme has around 400 locations in the United States. In total, there are 1,400 shops in 33 countries.
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July 01, 2021 at 07:15PM
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Krispy Kreme IPO dreams aren't turning out to be so sweet - WRAL Tech Wire
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