Krispy Kreme has reappeared on the public markets after a five-year cooling period.
On Thursday, the donut chain priced its initial public offering at $17 per share. When the retail chain, which is trading on the Nasdaq under the ticker “DNUT,” began trading this week, shares were priced at $16.30 a pop. Shares later rebounded, closing around 24% higher at $21.00 each.
It barely met the company’s goal. Last month, executives said they hoped shares would fluctuate between $21 and $24.
"It's a great day for us," Krispy Kreme CEO Mike Tattersfield told CNN. "The reason we're going public again is because we truly transformed the company's brand, culture and business model."
In 2020, the company’s revenue rose $1.1 billion, or 17%.
Tattersfield, who says Krispy Kreme is now a much different company, has broadened the company’s focus from its traditional retail stores to include packaged products sold in grocery stores and elsewhere. The donut chain, which also owns the Insomnia Cookies chain, is focused on growing its delivery service.
Krispy Kreme had been listed since 2000 before it withdrew the company from the stock markets during a 2016 acquisition. The CEO says its donut-making value has nearly tripled since then.
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