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 below the expected price range of $21 to $24 per share 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.

New Constructs, LLC, which provides insights into private and public businesses, in a June 28 research report questioned Krispy Kreme’s June 22 estimate. In the report titled “Dough-Not Buy This Overpriced IPO,” New Constructs said Krispy Kreme’s expected valuation of $3.6 billion was overpriced. New Constructs said it believed the stock was worth no more…

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