NEW YORK — It’s time to make the money. Shares of Dunkin’ Brands soared nearly 47 percent Wednesday, their first day of trading, feeding the demand of investors looking to trade in coffee and doughnuts.
Dunkin’ Brands shares began trading on the Nasdaq under the symbol DNKN, opening at almost $25. Shares closed at $27.85, up from the $19 initial-public-offering price. Dunkin’ sold 22.3 million shares at the offering price, raising about $423 million.
“There’s more to the IPO market than just the Internet bubble,” said John Fitzgibbon, founder of .
The public offering of Dunkin’ Brands, which owns the Dunkin’ Donuts and Baskin-Robbins chains, comes at a time when restaurants are struggling as the economy forces Americans to cut back on eating out. The Associated Press
