Domino’s insisted that it was not disappointed by the performance of its shares on the first day of public trading in the United States, despite starting a dollar below the low end of estimates.
The 44-year-old company opened at $14 (£7.63) on Tuesday and briefly moved to $14.10 before falling as low as $13.49. The stock closed at $13.50, a drop of more than 3.5%.
Two months ago the company had forecast a price of between $15 and $17, but said this week that the lower price reflected a softening in the restaurant and food industry market since the estimate was made.
The lacklustre performance was attributed by analysts to Domino’s choosing to use the money raised to cut debt rather than fund expansion.
David A. Brandon, the group’s chief executive, said that the initial public offering, which raised about $336m for the company, was the largest ever for a restaurant company.
