Krispy Kreme has taken the first step in returning to the public arena.
The doughnut company said on Tuesday that it has confidentially filed paperwork related to a public offering of its stock with the Securities and Exchange Commission. The number of shares that will be offered and their price range has not been determined, the company said. IPO is expected to happen after the SEC completes its review.
Krispy Kreme previously went public in 2000, but it had to file for Chapter 11 bankruptcy following financial restatements and falling sales at some of its franchises. It went private in 2019 when it was purchased by JAB Holding Company, a private firm whose food and beverage brands also include Panera Bread, Peet's Coffee & Tea, Caribou Coffee Company, Einstein Noah Restaurant Group and more.
Krispy Kreme’s decision to go public would occur amid a historic boom in U.S. capital markets, with companies raising $167 billion in 2020, according to Dealogic data, a milestone that investment bankers expect will be surpassed this year, reported CNBC. Most recently, it was reported that Dutch Bros. Coffee, which has some 450 sites, is considering moving toward an IPO and seeking to be valued at around $3 billion.
The move comes as Krispy Kreme has been expanding its footprint in New York City. In September, it opened a 4,500-sq.-ft. flagship in Times Square that showcases the doughnut-making process from start to finish, from the mixing of raw ingredients to the brand’s iconic glaze “waterfall. The brand also made headlines earlier this year by offering a free Original Glazed doughnut to anyone who shows a valid COVID-19 vaccination card at any U.S. Krispy Kreme location.
Krispy Kreme, whose roots date back to 1937, operates nearly 1,400 shops in 33 countries. Its goods are also sold in 12,000 U.S. grocery and convenience stores.