Investors in Nasdaq newcomer Crumbs (CRMB.O) hope to cash in on the cupcake craze.
But will they whip up big profits or get creamed by another food fad?
Shares in Crumbs debuted at $13.10 on the Nasdaq on Thursday, giving the biggest U.S. cupcake chain a market value of $58.9 million. They rose to $13.30 in midday trading.
The gourmet cupcake pioneer, which got its start in 2003 on Manhattan's Upper West Side, now sells 1.5 million cupcakes a month through 35 stores located on both U.S. coasts.
"We launch our brand where people work and we expand to where they live," said co-founder Jason Bauer, whose goal is to "bring back the neighborhood bakery that disappeared in the 70s and 80s".
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