Krispy Kreme Higher On Debut After Testing Lows
By Dhirendra Tripathi
Investing.com – Krispy Kreme (NASDAQ: DNUT ) was trading 10% higher after an initial hiccup on Thursday, its debut day on the Nasdaq .
The company had priced its shares at $17 apiece, below the expected range of $21 to $24.
The stock opened lower at $16.30 and then quickly rebounded. This is the second avatar of the company as a listed entity. It went private in 2016.
The 29.4-million-share offering raised $500 million for the company, giving it an implied valuation of $2.7 billion. The underwriters have been given a 30-day option to buy up to 4.41 million shares.
In fiscal 2020, Krispy Kreme reported a net loss of $60.9 million on revenue of $1.12 billion. The chains owns about 85% of its outlets.
Krispy Kreme, which also owns Insomnia Cookies, is trading under the ticker ‘DNUT’.
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