Doughnut roller coaster: Krispy Kreme shares up after smaller IPO
Al Jazeera
The roller-coaster debut reflects the volatile environment for United States restaurants as the coronavirus pandemic subsides.
Krispy Kreme Inc’s shares soared in their first day of trading, giving the doughnut chain a much-needed lift a day after it was forced to downsize its initial public offering. The stock reversed an early decline to jump as much as 26% to $20.58 a share Thursday in New York. The Charlotte, North Carolina-based company, which is owned by investment firm JAB Holdings BV, opened at $16.30, below the $17 IPO price. The roller-coaster debut reflects the volatile environment for restaurants as the pandemic subsides. Many U.S. eateries, particularly those focused on breakfast, faced a difficult period of store closures and reduced sales as Covid-19 led Americans to eat more at home.More Related News