Krispy Kreme eyes $4b valuation

The company plans to sell about 26.7 million shares priced between $21 and $24 per share

WINSTON-SALEM:

Krispy Kreme is looking to raise as much as $640 million through a US initial public offering (IPO), according to a regulatory filing on Tuesday, valuing the donut chain at nearly $4 billion. The company, known for its glazed doughnuts, plans to sell about 26.7 million shares priced between $21 and $24 per share, the filing showed. It intends to list on the Nasdaq under the ticker symbol DNUT. Krispy Kreme had confidentially filed with regulators in early May, which revealed a surge in revenue in the first quarter of 2021, driven by rising demand for sugary snacks during the pandemic. It recorded its highest level of sales, at $1.1 billion, in fiscal 2020. The offering would mark Krispy Kreme’s return to US stock markets five years after it was taken private by JAB Holding Co in a $1.35 billion deal in 2016. JP Morgan, Morgan Stanley, BofA Securities and Citigroup are the lead book-running managers for the offering.

Published in The Express Tribune, June 23^rd, 2021.

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