Shares in coffee maker JDE Peet's surged 15% in their stock market debut on Friday as investors jumped on the only big European IPO launched during the coronavirus crisis.
AMSTERDAM - Shares in coffee maker JDE Peet’s surged 15% in their stock market debut on Friday as investors jumped on the only big European IPO launched during the coronavirus crisis.
JDE Peet’s, which competes against larger rival Nestle and to a lesser extent Starbucks, also owns the Pickwick, Senseo, Tassimo, TiOra and L’OR brands. It had revenue of 6.9 billion euros in 2019, with the bulk of its products sold via supermarkets and to businesses. According to Refinitiv data, European listings raised $918 million in the first quarter of 2020, but the pipeline came to a halt in March.
FILE PHOTO: A man wearing a face mask walks past a Peet's coffee shop in Washington, U.S., May 19, 2020. REUTERS/Kevin Lamarque
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