Krispy Kreme, which owns, operates, and franchises doughnut shops, announced terms for its IPO on Tuesday.
The Charlotte, NC-based company plans to raise $600 million by offering 26.7 million shares at a price range of $21 to $24. Owner JAB intends to purchase between $50 million and $100 million worth of shares in the offering, and Chairman Olivier Goudet intends to purchase $5 million worth of shares (maximum 18% of the IPO in total). At the midpoint of the proposed range, Krispy Kreme would command a fully diluted market value of $3.8 billion.
Krispy Kreme is an omni-channel business operating through a network of doughnut shops, partnerships with retailers, and an e-Commerce and delivery business. The company has developed a broad consumer base, selling 1.3 billion doughnuts across 30 countries in the FY20.
Krispy Kreme was founded in 1937 and booked $1.2 billion in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol DNUT. J.P. Morgan, Morgan Stanley, BofA Securities, Citi, BNP Paribas, Deutsche Bank, Evercore ISI, Goldman Sachs, HSBC, Truist Securities, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of June 28, 2021.
