Despite an armada of IPO bookrunners: JPMorgan, BNP Paribas, BofA, Citi, Deutsche Bank, Evercore, Goldman Sachs, HSBC, Morgan Stanley, Truist, Wells Fargo, CL King, Capital One, Credit Agricole, MUFG, Mischler, Ramirez, Santander, Siebert Williams Shank; DNUT is not appetizing to investors.

Donut purveyor Krispy Kreme opened at $16.30 on Thursday after its initial public offering priced at $17.00 (well below its $21 to $24 offering range)...

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...that's not supposed to happen!

19 issuers opted to shrink their IPOs in Q2 (if we include DNUT). That’s the most since 2014, according to data compiled by Bloomberg.

A slashed IPO doesn’t bode well for after-market performance, either. This quarter’s IPOs that sold fewer shares than planned are now trading an average of 14% above their IPO prices, less than half of the average return across all of the quarter’s debuts.