Well, it opened at $32 and looks to have sunk to about $30 by 11 AM. By my calculations, if they raised $672 million at $23.16 per share, representing 18% of the company, that means the whole company THI has a market cap of $7.2 billion at a $30 stock price. The interesting thing is Wendy's only has a market cap of $7.3 billion and they still own 82% of the company (meaning their remaining stake in THI is worth $5.9 billion of that $7.3 billion Wendy's market cap). Is THI really worth a $7.2 billion market cap? I doubt it. Here are some comparison market caps for other food companies: McDonalds $42 B Krisy Kreme $500 M Bob Evans $1 B Checkers $168 M Dennys $407 M Dominoes $1.9 B IHOP $900 M Outback $3.3 B Papa John $1 B Starbucks $28 B YUM Brands $13 B The only way THI is worth $7.2 B is if this is truly a growth company. We'll see if they can deliver on that promised growth.