Milling & Baking News - July 13, 2021 - 10

TUES | 07 13 202 1
Krispy Kreme IPO debuts below
range, then jumps on opening day
WINSTON-SALEM, NC. - The initial
public offering for Krispy Kreme Doughnuts,
Inc. experienced mixed results.
On June 30, the day before the IPO made
its debut on the Nasdaq under the symbol
DNUT, Krispy Kreme announced it would
offer 29,411,765 shares of its common stock
at $17 per share, which was 19% to
29% below the expected price range
of $21 to $24 per share proposed in a
June 22 filing with the US Securities
and Exchange Commission. Then the
share price opened at $16.30 on July
1 but rallied to close at $21 on its first
day of trading. The share price was at
$19.26 at midday on July 2 and dipped
back toward $17 the following week.
With the lower offering price, the
Krispy Kreme IPO valued the company
at $2.8 billion, well below the
$3.5 billion to $4 billion anticipated
based on the $21 to $24 price range.
Krispy Kreme has not been profitable
Krispy Kreme's expected valuation was
overpriced. New Constructs opined the
stock was worth no more than $1.6 billion,
equating to less than $10 per share.
" With this IPO, we believe JAB Holdings
is looking to cash out at the expense of new
investors, " the report said. " A $3.6 billion
KRISPY KREME, INC. SHARE PRICE
$20.50
$22.00
$16.00
$17.50
$19.00
Kreme in 2016 for $21 per share in cash, or
a total equity value of about $1.35 billion.
According to the June 22 SEC filing, about
16.6% of Krispy Kreme's total common
shares were to be available through the
IPO. JAB Holding was to hold 38.6% of
the shares and distribute the remaining
shares to minority investors.
The July 1 IPO marked the second time
Krispy Kreme, founded in 1937 in Winston-Salem,
NC, went public, the first time
happening in 2000. The JAB Holding acquisition
made the company private again.
In the June 22 SEC filing, Krispy
July 1
Source: Nasdaq
in recent years, and market observers
noted the company carried about $1.2 billion
in debt as of late April.
New Constructs, LLC, an equity research
firm focused on private and public businesses,
in a June 28 report questioned
Krispy Kreme's June 22 target price range.
In the report titled " Dough-Not Buy This
Overpriced IPO, " New Constructs said
valuation implies Krispy Kreme will
reverse its profit nosedive, grow profits by
nearly 700% and make more money than
quick-service restaurant (QSR) industry
incumbents like The Wendy's Co. (WEN).
Such a scenario looks unlikely given the
shift in consumer preferences toward
healthier foods and the failure of its past
growth strategy to achieve the economies
of scale needed to operate profitably. "
JAB Holding Co. acquired Krispy
Tortilla maker Coyotas recognized
with FedEx Small Business Grant
SAN DIEGO - Coyotas, which makes
grain-free, vegan and paleo tortillas from
small batches of cassava flour, took home
third place in the recent FedEx Small Business
Grant Contest.
The annual contest supports small businesses
around the country and creates
resources specifically for their community.
This year's competition garnered
more than 8,300 entries from candidates
across the United States. Coyotas' third10
MILLING
& BAKING NEWS
place win netted it $15,000 and $1,000 in
FedEx Office print services.
Winners were selected based on nine
criteria, including entrants' uniqueness,
positive community impact, website ease
of navigation and whether the small-business
owner is prepared to be a small-business
ambassador or mentor.
" We are beyond thrilled and honored to
be among the winners selected by FedEx, "
said Janet Flores, co-founder of Coyotas.
July 2
July 6
July 7
July 8
Kreme laid out plans on how it
expected to grow financially, pointing
to its delivered fresh daily (DFD) model
initiated over the past two years and
how it planned to continue adding DFD
locations. The DFD model is part of an
omni-channel business model and a
hub-and-spoke network in which the
company's Hot Light Shops produce
donuts for fresh retail, DFD, e-commerce
and delivery. Krispy Kreme
also acquired a controlling interest in
Insomnia, a cookie chain, in 2018.
" It'll be interesting to see how Krispy
Kreme fares in the days and weeks to come, "
wrote Dan Caplinger in a The Motley Fool
article published July 1. " The donut maker
saw its stock soar in the years following
its 2000 offering, only to give up much of
those gains as hype surrounding its donuts
started to fade. Investors looking for a sweet
deal will have to look forward to hearing
Krispy Kreme's first quarterly report on
how its business is performing. " MBN
" This generous award makes it possible
for us to expand our operations and
continue to provide the best grain-free,
alternative tortillas on the market, rooted
in tradition. "
Coyotas' tortillas are made in small
batches from cassava flour, which is
peeled, dried and ground yucca root. Combined
with wholesome ingredients and
free from preservatives, the techniques
used have been passed down for generations,
the company said. Coyotas delivers
its made-to-order tortillas locally and ships
products nationwide via FedEx's two-day
service to guarantee freshness. MBN
bakingbusiness.com
http://www.bakingbusiness.com

Milling & Baking News - July 13, 2021

Table of Contents for the Digital Edition of Milling & Baking News - July 13, 2021

Milling & Baking News - July 13, 2021 - Intro
Milling & Baking News - July 13, 2021 - 1
Milling & Baking News - July 13, 2021 - 2
Milling & Baking News - July 13, 2021 - 3
Milling & Baking News - July 13, 2021 - 4
Milling & Baking News - July 13, 2021 - 5
Milling & Baking News - July 13, 2021 - 6
Milling & Baking News - July 13, 2021 - 7
Milling & Baking News - July 13, 2021 - 8
Milling & Baking News - July 13, 2021 - 9
Milling & Baking News - July 13, 2021 - 10
Milling & Baking News - July 13, 2021 - 11
Milling & Baking News - July 13, 2021 - 12
Milling & Baking News - July 13, 2021 - 13
Milling & Baking News - July 13, 2021 - 14
Milling & Baking News - July 13, 2021 - 15
Milling & Baking News - July 13, 2021 - 16
Milling & Baking News - July 13, 2021 - 17
Milling & Baking News - July 13, 2021 - 18
Milling & Baking News - July 13, 2021 - 19
Milling & Baking News - July 13, 2021 - 20
Milling & Baking News - July 13, 2021 - 21
Milling & Baking News - July 13, 2021 - 22
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Milling & Baking News - July 13, 2021 - 27
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Milling & Baking News - July 13, 2021 - 30
Milling & Baking News - July 13, 2021 - 31
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Milling & Baking News - July 13, 2021 - 40
Milling & Baking News - July 13, 2021 - 41
Milling & Baking News - July 13, 2021 - 42
Milling & Baking News - July 13, 2021 - 43
Milling & Baking News - July 13, 2021 - 44
Milling & Baking News - July 13, 2021 - 45
Milling & Baking News - July 13, 2021 - 46
Milling & Baking News - July 13, 2021 - 47
Milling & Baking News - July 13, 2021 - 48
Milling & Baking News - July 13, 2021 - 49
Milling & Baking News - July 13, 2021 - 50
Milling & Baking News - July 13, 2021 - 51
Milling & Baking News - July 13, 2021 - 52
Milling & Baking News - July 13, 2021 - 53
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Milling & Baking News - July 13, 2021 - 55
Milling & Baking News - July 13, 2021 - 56
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