Krispy Kreme raised $500 million in its initial public offering on Wednesday after the company priced its shares at $17, below the range the Charlotte-based company had initially expected.

Still, the price gives the company a market value of about $2.8 billion, more than double the company’s value when the European investment firm JAB Holdings took the company private back in 2016.

Krispy Kreme sold 29.4 million shares of stock to investors and the underwriters have the option to buy another 4.4 million shares.

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