Dunkin' Donuts IPO: Shares Still Buzzing
(Dunkin' Donuts IPO article updates an earlier version.)
CANTON, Mass. (TheStreet) -- Dunkin' Donuts owner Dunkin' Brands shares began trading publicly on the Nasdaq fully caffeinated, surging more than 52% in their first day on the market and gaining another couple points on Thursday thanks to better-than-expected earnings results from Green Mountain Coffee Roasters (GMCR).
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Dunkin's IPO was priced at $19 late Tuesday before it began trading Wednesday morning. The company, which was bought by a private-equity consortium including Bain Capital, Carlyle Group and Thomas H. Lee Partners in 2006 for $2.4 billion, sold 22.25 million shares in its market debut to raise around $423 million. Dunkin's competitors didn't fared well in trading earlier this week, particularly as most stocks got pounded as the debt ceiling standoff in Washington turned investors sour. But on Thursday things were looking up for the coffee-and-doughnut space as Wall Street turned higher and as Green Mountain Coffee Roasters (GMCR) offered better-than-expected third-quarter profit and revenue figures. Green Mountain surged 19.5% to $105.30 in late-morning trading. The Vermont company beat profit expectations by a penny with earnings per share of 37 cents. Revenue of $608.4 million also came in better than analysts had called for. Krispy Kreme Donuts (KKD) shares rose 2.3% to $8.46 in morning trading.
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