Krispy Kreme shares pop in its second public debut

CNN2021-07-02

New York (CNN Business)Krispy Kreme's second appearance on the public markets is off to a sweeter start than expected. The doughnut chain began trading Thursday and opened at $16.30 per share, which ...

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DTRA
2021-07-02
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Since then, shares rebounded and closed nearly 25% higher on its first day of trading.\nHowever, the company's initial public offering was well below what the company was hoping for — $21 to $24 per share — when it announced its original terms last month. The tepid reaction from investors perhaps indicates Wall Street isn't keen on a chain that exclusively focuses on sugary treats during this health-conscious era.\nBut Krispy Kreme CEO Mike Tattersfield remains optimistic about his company's future.\n\"It's a great day for us,\" he told CNN Business. \"The reason we're going public again is because we truly transformed the company's brand, culture and business model.\"\nKrispy Kreme CEO Mike Tattersfield at the Nasdaq on Thursday.\nUnder his purview, Krispy Kreme has shifted toward an \"omnichannel\" approach, meaning it's selling donuts in convenience and grocery stores, as well as packaged goods such as its branded K-Cups coffee. The company is also focused on its delivery business, which now represents a percentage of sales in the \"high teens\" he said.\nOverall, it's a \"very different company\" now, focusing on becoming the \"most loved sweet treat brand in the world,\" Tattersfield added.\nThe 84-year-old company announced in May it was, once again, going public. Krispy Kreme delisted its stock in 2016 after it went private following a $1.35 billion purchase from JAB Holding Company, a private firm that invests in food and beverage brands. It had previously gone public in 2000, and had some difficulties, including an accounting scandal, before the 2016 acquisition.\nTattersfield noted that Krispy Kreme's $2.7 billion valuation is nearly three times higher than it was compared to its 2016 purchase price, indicating the changes are working, he said.\nKrispy Kreme trades on the Nasdaq (BANK) under the ticker symbol \"DNUT.\" J.P. Morgan, Morgan Stanley and Citigroup are some of the major banks underwriting the stock.\nHe said the the investors, which still include JAB, continues to be \"really enthused about the journey and long term potential it has in the United States and around the globe.\"\nThe brand has also been working to remodel its stores in recent years and has also opened lavish locations showcasing its sugary treats.\nLast year, Krispy Kreme opened a 4,500-square-foot location in New York City's Times Square with a glaze waterfall and a 24-hour street-side pickup window. Tattersfield said that location's business has grown as more tourists come back to the city.\nKrispy Kreme has around 400 locations in the United States. 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