Five years after the company was taken private by the equity firm of JAB Holdings, Krispy Kreme is preparing to take another bite at the public market with a stock offering after reporting a jump in first quarter sales.
The Winston-Salem, North Carolina-based doughnut chain, which operates shops in both Chattanooga and Dalton, Georgia, said its net revenue in the first quarter of fiscal 2021 rose 23% above the year-ago level to $321.8 million. Last year, Krispy Kreme generated record revenues of $1.12 billion.
Krispy Kreme was previously publicly traded for six years, but was sold for $1.35 billion in 2016 to JAB Holding and later filed for bankruptcy .
The company has filed paperwork with the U.S. Securities and Exchange Commission for another initial public offiering, but the number of shares that will be offered and their price range has not been determined, the company said. The stock sale is expected after the SEC completes its review.
"We beieve the we have one of the largest and most passionate consumer followings, exemplified by the over 38 billion total media imressions generated by Krispy Kreme in 2020, " the company said in its filing with the SEC. "As an affordble indulgence enjoyed across cultures, races and income levels, we believe that Krispy Kreme has the potential to deliver joyful experiences across the world."
Known for its glazed sugary treats, Krispy Kreme opened its first store in North Carolina in 1937.
J.P.Morgan, Morgan Stanley, BofA Securities and Citigroup are lead managers for the offering.
Krispy Kreme plans to list its shares on Nasdaq under the symbol "DNUT."
- Compiled by Dave Flessner