Guzman y Gomez hits the ASX with a 36% premium
Sydney-based Guzman y Gomez (GYG) started trading on the Australian Securities Exchange (ASX) at A$2.99, a 36% premium to its A$2.20 issue price.
The company's shares opened at A$2.99 and quickly rose to A$3.02, giving it a market capitalisation of approximately A$2.2 billion.
Guzman y Gomez is a Mexican-inspired fast-food chain with over 150 stores in Australia and Singapore. The company was founded in 2006 by Robert Guzman and Steven Marks and has since become one of the most popular Mexican food chains in Australia.
The company's listing on the ASX is expected to raise A$500 million, which will be used to fund its expansion plans. Guzman y Gomez plans to open 50 new stores in Australia and New Zealand over the next three years.
The company's listing is a major milestone for the Australian fast-food industry. It is the first time that a Mexican food chain has listed on the ASX.
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