Krispy Kreme, which owns, operates, and franchises doughnut shops, raised $500 million by offering 29.4 million shares at $17, below the range of $21 to $24. The company offered 2.7 million more shares than anticipated. Owner JAB had indicated on between $50 million and $100 million worth of shares in the offering, and Chairman Olivier Goudet had indicated on $5 million worth of shares.
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 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 acted as joint bookrunners on the deal.
