NEW YORK (AP) — 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.