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’.
Krispy Kreme Higher On Debut After Testing Lows
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.