DNUT - Krispy Kreme reverses loss and gains in first day of trading (update)

Scott Olson/Getty Images News Update 1:40pm: Updates shares. Krispy Kreme (DNUT) initially fell, though now is up 7.6% in its first day of trading following an IPO that was priced well below an expected range. The donut chain yesterday priced the 29.4M shares at $17 to raise about $500M, below an expected range of $21 to $24/share. The underwriters have been granted a 30-day option to purchase up to an additional 4.41M shares, according to a statement. Krispy Kreme was public until JAB Holdings acquired the company in 2016 for $1.35B. JAB, the investment vehicle of Germany’s billionaire Reimann family, also owns Panera Bread, Keurig Green Mountain, Caribou Coffee, Pret A Manger and Einstein Noah bagels. Krispy Kreme competitor Dunkin (DNKN) was purchased by Inspire Brands, the owner of Arby's restaurants, for $8.76B  last year. Starbucks (SBUX), Wendy's (WEN) and McDonald's (MCD) are some of the other chains competing for breakfast daypart traffic. J.P. Morgan, Morgan Stanley, BofA acted as lead book-running managersfor the

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Krispy Kreme reverses loss and gains in first day of trading (update)