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Krispy Kreme raises $500 million after pricing U.S. IPO below range

Stock Markets14 minutes ago (Jun 30, 2021 06:57PM ET)

(C) Reuters. FILE PHOTO: A man walks past a Krispy Kreme “Hot Now” neon sign in Times Square in the Manhattan borough of New York City, New York, U.S., October 16, 2020. REUTERS/Carlo Allegri/File Photo

(Reuters) -Doughnut chain Krispy Kreme priced its initial public offering well below the planned range to raise $500 million, indicating a lukewarm reception from investors during one of the busiest weeks for stock market debuts in the United States.

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.

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.

In what was the biggest U.S. 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 had earlier 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.

Known for its iconic glazed doughnuts, Krispy Kreme opened its first store in North Carolina in 1937 when it started selling doughnuts in local grocery stores. It first went public in 2000 but its unit had to file for Chapter 11 bankruptcy in 2005.

Its shares are set to begin trading on Thursday on Nasdaq under the symbol “DNUT”. The debut would mark the donut chain’s return to the stock market five years after it was taken private by JAB Holding Co in a $1.35 billion deal.

Krispy Kreme raises $500 million after pricing U.S. IPO below range

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