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Krispy Kreme to Raise $500 Million Through US IPO

miraimaniar by miraimaniar
4 years ago
in Business News
Photo by Tofros.com at Pexels

Photo by Tofros.com at Pexels

Krispy Kreme is having a shift of plan for its US initial public offering. The doughnut chain lowered its initial price, resulting in a range below its first plan at $500 million.

Known for its iconic glazed doughnuts, Krispy Kreme will start trading during one of the busiest weeks of 2021 for U.S. IPOs, with at least 17 companies scheduled to enter the market.

The company priced 29.4 million shares at $17 each, below the $21 to $24 per share range it had set earlier. The IPO valued it at $2.7 billion.

Additionally, Krispy Kreme had previously planned to sell about 26.7 million shares, its earlier filing showed. With those terms, it would have raised $640 million at the top end of the range.

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Krispy Kreme faces strong competitors in its US listing

Reuters further correlates Krispy Kreme’s lowered target to a lukewarm reception from investors during one of the busiest weeks for stock market debuts in the US.

In what was the biggest US listing by a Chinese company since 2014, China’s Didi Global Inc debuted on Wednesday with a valuation of more than $68 billion at close.

Krispy Kreme’s reputation in US itself is huge. Not only a doughnut chain, the company also backs up cookie chain Insomnia Cookies and k-cups for Keurig.

Previously, Krispy Kreme reported to have sold 1.3 billion doughnuts across 30 countries in fiscal 2020, capping the highest level of sales in the brand’s history, with net revenues of $1.1 billion.

Accordingly, this will mark Krispy Kreme’s comeback to US stock markets. Its first attempt in 2000 ended with the company filing for Chapter 11 bankruptcy in 2005.

The company intends to list on the Nasdaq on Thursday under the ticker symbol “DNUT”.J.P. Morgan, Morgan Stanley, BofA Securities and Citigroup are the lead book-running managers for the offering.

Read also: Sweet! Krispy Kreme Notes A Higher Revenue

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Tags: foodfood and beverageFood and beveragesfood businessfood companyInitial Public OfferingIPOKrispy Kreme
miraimaniar

miraimaniar

“You can make anything by writing.” ― C.S. Lewis

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