Krispy Kreme shares slip in opening trade, reverse higher

Shares opened at $16.30 after pricing at $17

Krispy Kreme Inc. shares fell 4.11% on Thursday in their debut trade on the Nasdaq before turning higher. 

Shares of the Winston-Salem, North Carolina-based doughnut chain opened for trading at $16.30 apiece, valuing the company at $2.62 billion. Shares priced at $17 on Wednesday evening, below the $21 to $24 range that was expected. 

The disappointing pricing came as investors were stuffed full of new offerings during what has been one of the busiest weeks for U.S. IPOs.

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Investors on Wednesday welcomed the debut of ride-hailing giant Didi Global Inc., the biggest IPO for a Chinese company listing in the U.S. since Alibaba in 2014. Also debuting was cybersecurity firm SentinelOne, the highest valued cybersecurity IPO of all time. 

Ticker Security Last Change Change %
DNUT KRISPY KREME 13.26 +0.30 +2.31%

Krispy Kreme’s sale of almost 27 million shares would have raised $640 million at the high end of the range and given the company a market value of $3.86 billion. 

Thursday’s initial public offering is the second time Krispy Kreme has gone public. 

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The company previously went public in April 2000 and was taken private by German conglomerate JAB Holding in 2016.