An exterior view of the Guzman Y Gomez Mexican Kitchen on June 13, 2024 in Port Macquarie, Australia.
James D. Morgan | Getty Images News | Getty Images
Mexican-themed fast food chain Guzman y Gomez made a stellar debut on the Australian Stock Exchange on Thursday, with its shares soaring as much as 39.1%.
The company, which was valued at 2.23 billion Australian dollars ($1.49 billion) based on its initial public offering price of AU$22 per share, saw shares rise to as high as AU$30.28 on debut.
Shares pared gains slightly to trade at about AU$30, up 36.36%, as of 1:47 p.m. Sydney time.
Guzman y Gomez, which first announced its IPO on May 31 with an offer size of 11.1 million shares, upsized it to 15.3 million shares, raising AU$335.1 million. The company said it had received a commitment from funds advised by Capital Research Global Investors for subscribing its shares.
According to data from Bloomberg, Guzman y Gomez’s is Australia’s largest IPO since chemical distributor Redox’s offering in July 2023. It is also the fourth offering above $100 million in the past two years, Bloomberg added.
