By Allison Prang Updated July 1, 2021
Shares closed at $21, compared with its initial public offering price of $17 apiece. The company had targeted a range of $21 to $24 a share for its IPO, it said in a filing with the Securities and Exchange Commission.
The Charlotte, N.C.-based doughnut chain went private after it was bought by JAB Holding Co. in 2016 for around $1.35 billion. The company earlier went public in 2000. Following the company’s latest offering, JAB will own roughly 77.6% of Krispy Kreme.
Krispy Kreme, known for its glazed doughnuts, has been in business for more than 80 years. The Charlotte, N.C., company also owns a majority stake in cookie chain Insomnia Cookies.
The doughnut chain now re-enters what is currently a robust summer IPO market. Earlier this week, ADRs of Didi Global Inc., the Chinese ride-sharing company, ended up rising 1% on their first day of trading after opening 19% higher than their IPO price.
Krispy Kreme had $321.8 million in net revenue for the quarter ended April 4, which increased 23% year over year. The doughnut-seller still reported a net loss of $3.1 million, which was narrower than its year-earlier loss of $11.5 million.
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Appeared in the July 2, 2021, print edition as ‘Krispy Kreme Soars in Debut.’