Krispy Kreme doughnuts go into production at the opening of the store at Harrods in London, Britain, October, 3, 2003.
David Bebber | Reuters
Krispy Kreme shares closed Thursday up more than 23% despite a disappointing opening trade for the company’s return to the public markets.
On Wednesday night, the doughnut chain priced its initial public offering at $17 per share, well below its planned range of $21 to $24 per share. The stock’s first trade on Thursday afternoon was $16.30 per share, but shares quickly rebounded. When the markets closed, the stock was trading for $21 a share.
The share offering raised $500 million for the company and gave it an implied valuation of $2.7 billion. Krispy…