Glazed over: Krispy Kreme rises 23.5% in Wall Street return

Krispy Kreme doughnuts (Photo: GoToVan / Flickr / CC BY 2.0)

(AP) — Investors, it turns out, were in the mood for donuts.

Shares of the Krispy Kreme chain returned to Wall Street and rose 23.5% Thursday, despite getting off to a bit of a lackluster start.

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The Charlotte, North Carolina-based company known for its glazed doughnuts priced its initial public offering of 29.4 million shares at $17 a piece.

That’s well below the $21 to $24 it was seeking. It raised $500 million and plans to use proceeds to pay down debt.

The stock trading on Nasdaq under the “DNUT” ticker symbol opened Thursday at $16.30 but then moved higher before finishing the day at $21.