CANTON, MASS. — Dunkin’ Brands Group Inc. set its initial public offering of 22,250,000 shares of its common stock at a price of $19 per share. The price was up from the estimated price of $16 to $18 per share that Dunkin’ projected in a July 11 filing with the Securities and Exchange Commission.

Dunkin’ Brands, which owns Dunkin’ Donuts and Baskin-Robbins, said it expects to raise about $423 million before expenses. Additionally, underwriters will have a 30-day option to purchase up to an additional 3,337,500 shares.

The stock, which started trading today on the Nasdaq market under the ticker symbol “DNKN,” opened at $24.97 and climbed as high as $29 in mid-afternoon trading.

In the July 11 S.E.C. filing Dunkin’ said it expected to use net proceeds from the sale together with the net proceeds from an additional $100 million of term loan borrowings and available cash to repay all amounts outstanding under the Dunkin’ Brands, Inc. 9 5/8% senior notes due 2018, and to use any remaining net proceeds for working capital and for general corporate purposes.

As of April 30, 2011, there was approximately $475 million in aggregate principal amount of the Dunkin’ Brands, Inc. 9 5/8% senior notes outstanding.