MINNEAPOLIS (AP) — Caribou Coffee Co. said Thursday that it priced a public offering of 5 million shares at $9.75 each.
The stock is being offered by majority shareholder Caribou Holding Co. Ltd.
Caribou Coffee, a gourmet coffeehouse operator, will not receive any of the offering’s proceeds.
The selling stockholder also gave the underwriters an option to buy up to an additional 750,000 shares to cover any excess demand.
The offering is expected to close on Tuesday.
Caribou Coffee, based in Minneapolis, had 410 company-owned coffeehouses and 126 franchised and licensed locations as of Oct. 3. Last month the company reported that its third-quarter earnings more than doubled as a key revenue metric improved.
Shares fell 19 cents to $10.13 in morning trading.
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