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Guzman y Gomez’s value has soared past $3 billion after the Mexican-themed fast-food giant debuted on the Australian share market.
But after listing on the ASX today, GYG shares were trading above $30 as of 1pm – up about 36% on the company’s expectations.
As a result, Guzman y Gomez’s market capitalization exceeded $3 billion, up from $2.2 billion in the initial public offering (IPO) announcement.
The success will allow the restaurant chain to move forward with plans to expand to more than 1,000 stores across Australia over the next two decades.
It said last month that it plans to put $200 million of the funds raised from the listing into that expansion.
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There are currently 210 locations in Australia (where 185 are located), Singapore, Japan and the US.
Guzman y Gomez was established in 2006 by current co-CEO Steven Marks and fellow New Yorker Robert Hazan, with its first restaurant opening in the Sydney inner-west suburb of Newtown.
Marks said today that the IPO is “just the beginning” for the company.
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