NEW YORK (AP) – Shares of Dunkin’ Brands Group Inc. shot up 39 percent in morning trading on their first day on the Nasdaq.
The company, which is trading on the Nasdaq under the ticker DNKN, was fetching $26.45 per share before noontime, after pricing at $19 per share before the open. At $25.70, the company would raise about $589 million — more if the underwriters decide to buy additional shares in the next month.
Dunkin’ Brands, which is the parent of Dunkin’ Donuts and the Baskin-Robbins ice cream chain, had predicted two weeks ago that its initial public offering would price at just $16 to $18.
Dunkin’ is going public to help pay down debt. The three private equity firms that bought it in 2005 will still own about three-quarters of the company.
(Copyright 2011 by The Associated Press. All Rights Reserved.)