Following five years away from the public market, Krispy Kreme has made its return. The doughnut chain went public in 2000, but returned to being a private company in 2016 after it was bought for $1.35 billion by JAB Holding.

Krispy Kreme began trading on Thursday, opening at a disappointing $16.30 per share -- 4% below its initial public offering of $17. Last month, the company’s original terms were set for $21 to $24 per share.

Despite what some may see as a disappointing public debut, Krispy Kreme CEO Mike Tattersfield appeared hopeful about the company’s success in the future.

“It’s a great day for us,” Tattersfield told CNN Business. “The reason we’re going public again is because we truly transformed the company’s brand, culture, and business model.”

Through fiscal 2020, Krispy Kreme worked hard to regain its prominent status in the treats industry. However, with its rise in revenue by 17% to $1.12 billion, the chain also experienced a net loss of $60.9 million.

The loss is most likely attributed to Krispy Kreme’s investing into its own businesses such as allowing $10.3 million to be used to reopen its flagship location in New York's Times Square. The company, which owns Insomnia Cookies, has also managed to buy back 85% of its franchised locations.

The decision for Krispy Kreme to once again go public comes amid one of the busiest weeks for IPOs in the U.S. for 2021. An estimated 16 companies are also expected to make their public debuts.

Donuts Krispy Kreme Doughnuts
A variety of doughnuts from Krispy Kreme are pictured. Courtesy of Krispy Kreme Doughnut Corp
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