Business

Papa Murphy's rises in its Nasdaq debut

Posted May 02, 2014 1:01 am

Associated Press

NEW YORK - Shares of Papa Murphy's rose in their first day of trading but closed well below their highest level Friday.

Papa Murphy's Holdings Inc. is a franchisor and operator of the largest Take 'N' Bake pizza chain in the U.S. It sells uncooked pizzas for baking at home.

The stock added 5 cents to close Friday at $11.05, backing off from a session peak of $12.10 on Nasdaq.

The initial public offering of about 5.8 million shares priced at $11 per share - the low end of the expected price range of $11 to $13 per share. The company raised about $63.8 million in the offering.

All of the shares are being offered by Vancouver, Washington-based Papa Murphy's. Certain selling stockholders are giving the underwriters a 30-day option to buy up to an additional 874,999 shares to cover any excess demand.

The stock is trading under the "FRSH" ticker symbol.

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