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Author: Roger AdamsDate: 2021-07-02

Krispy Kreme (DNUT) makes market debut after IPO raises $500m

Doughnut chain Krispy Kreme (DNUT) returned to the US stock market on Thursday after it raised $500m from an IPO that saw it sell 29 million shares.

Krispy Kreme (DNUT) made its market debut on Thursday following an underwhelming IPO that raised $500m for the glazed doughnut and coffeehouse chain.

After initially setting a $21-$24 price range for 27 million shares earlier in the week, Krispy Kreme eventually sold 29 million shares at a cut price of $17 per share as the company fell short of its plans to generate $640m in proceeds.

The North Carolina-based company chose a busy week to float as no fewer than 17 new companies will have entered the market by Friday’s close.

In its prospectus, Krispy Kreme said that it was among the “most beloved” brands globally, with its sweet treats being an “affordable indulgence” for all ages and incomes levels.

It added: “Over its 83-year history, Krispy Kreme has developed a broad consumer base, selling 1.3 billion doughnuts across 30 countries in fiscal 2020.”

Those sales figures were a record for Krispy Kreme as net revenues came in at a healthy $1.1bn.

This is now the second time that it has gone public after an initial float in 2000.

Krispy Kreme was trading on US stock markets as recently as 2016 before a $1.35bn deal involving JAB Holding Company saw it go private.

Krispy Kreme began trading under the DNUT ticker on the Nasdaq on Thursday.

Its debut comes just 24 hours after Chinese ride-hailing company Didi Global (DIDI) came to market and closed 1% higher than its opening $14 price.

Elsewhere, Walgreens Boots Alliance (WBA) dipped 5.88% to $49.52 early on Thursday despite its forecast-beating Q3 report.

The pharmaceuticals holding company posted $1.38 earnings per share and $34bn revenue as its UK-based high street retailer Boots saw a 3.7% uptick in comparable sales.

Source:

https://bit.ly/3hdoox7

https://reut.rs/3xiTdWQ

https://bit.ly/3hvOTws

https://bit.ly/3dTWeFp

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