WINSTON-SALEM, NC. — Krispy Kreme Doughnuts, Inc., a privately held company since 2016, has proposed an initial public offering of its common stock. The company on May 4 reported it confidentially had submitted a draft registration statement on Form S-1 to the Securities and Exchange Commission.

An IPO should take place after the SEC completes its review process, subject to market and other conditions. Krispy Kreme has yet to determine the number of shares it will offer and the price range.

Krispy Kreme, founded in 1937 and based in Winston-Salem, went public before in 2000. The stock price rose as high as $49.74 per share in August of 2003, but then the SEC launched an investigation of the company over allegedly inflated quarterly and annual earnings. The share price fell as low as $11.48 in 2004. The SEC in March of 2009 approved settlements with Krispy Kreme Doughnuts and former executives.

Krispy Kreme Doughnuts went private in July 2016 when JAB Holding Co. acquired it for $21 per share in cash, or a total equity value of about $1.35 billion. At that time more than 1,100 Krispy Kreme shops were in more than 26 countries.