(Reuters) - Papa Murphy’s Holdings Inc‘s shares rose as much as 10 percent in their debut, valuing the take-and-bake pizza chain operator at about $205 million.
The initial public offering of 5.83 million shares raised about $64.1 million after it was priced at $11, the lower end of its expected price range.
Lee Equity Partners LLC, owned by billionaire investor Thomas Lee, will remain the biggest shareholder in the company with a 40.5 percent stake. The private equity firm, which acquired Papa Murphy’s in 2010, owned about 62 percent before the offering.
The company’s shares opened at a high of $12.10 but lost some of their early gains to trade at $11.49 on the Nasdaq on Friday.