JAB Holding-owned Krispy Kreme went public with its initial public offering Tuesday, looking to raise $100 million. The doughnut and coffee chain will be trading on the Nasdaq under the ticker symbol, “DNUT.” The news was announced a month after Krispy Kreme initially filed a draft registration for an IPO with the U.S. Securities and Exchange Commission. The IPO will take Krispy Kreme public for the first time since the acquisition by JAB Holding took the company private in 2016.
According to the filing, Krispy Kreme, which also owns Insomnia Cookies, generated $1.12 million of net revenue in 2020, with a net income loss of $60.9 million. The company made $321.8 million in revenue for the first quarter of 2021, ended April 4, up 23% from $261.2 million the same quarter the year prior. The filing also noted that Krispy Kreme achieved its highest level of sales — $1.1 billion — in the company’s history in 2020 during the COVID-19 pandemic.
In the first quarter of 2021, Krispy Kreme operated at a net loss of $3.1 million, down from a net loss of $11.5 million the same quarter the year prior. The company also added 17 new stores in 2020, with another 30 in the works for 2021.
“In recent years, we substantially invested in our business to accelerate performance and position us for long-term, sustained growth,” Krispy Kreme said in its IPO filing. “We have invested in our omni-channel model, brand positioning, product quality and innovation capabilities. […] Our strategy is built on our belief that almost all consumers desire an occasional indulgence, and that when they indulge, they want a high quality, emotionally differentiated experience.”
Krispy Kreme also solidified plans for further expansion of its interactive hot light theater shops, like the company’s flagship in Times Square in New York City, as well as smaller shops and kiosks and ramping up e-commerce and delivery opportunities throughout North America.
The company has not yet announced the number and value of shares in the IPO.
Contact Joanna at [email protected]
Find her on Twitter: @JoannaFantozzi