NEW YORK — Shares of Dunkin’ Brands Group Inc. soared nearly 47 percent Wednesday, their first day of trading, feeding the demand of investors looking to trade in coffee and doughnuts.
Shares closed at $27.85, up $8.85 from the $19 price that Dunkin’ Brands set Tuesday. Dunkin’ sold about $423 million worth of shares at $19 apiece.
Most stocks get a one-time pop on their first trading day. Still, Dunkin’ Brand’s reception indicates that investors are willing to shell out for initial public offerings. The company owns Dunkin’ Donuts and the Baskin-Robbins ice cream chain. It has said it will use the money from the public offering to pay down debt.