Investors are about to earn more dough with their doughnuts
Krispy Kreme is gearing up with its official IPO launch, with the doughnut chain set to launch on the Nasdaq within hours.
Krispy Kreme plans to raise $500 million but priced its initial public offering well below expectations.
The company priced 29.4 million shares at $17 each, below the $21 to $24 per share range it had previously.
The IPO valued Krispy Kreme at $2.7 billion
Known for its iconic glazed doughnuts, Krispy Kreme will start trading from Thursday on the Nasdaq, along with 17 other companies that are scheduled to enter the market.
It first went public in 2000 but its unit had to file for Chapter 11 bankruptcy in 2005.
Delicious History of Krispy Kreme
Krispy Kreme opened its first store in North Carolina in 1937 when it started selling doughnuts in local grocery stores. Their business also includes cookie chain Insomnia Cookies, and k-cups for Keurig.
It sold 1.3 billion donuts across 30 countries in fiscal 2020, capping the highest level of sales in the brand’s history, with net revenues of $1.1 billion.
