Guzman y Gomez Surges 38% in $223 Million IPO, Largest in Australia This Year

Jun 19, 2024, 11:51 PM

Guzman y Gomez, a Mexican-themed fast food restaurant chain, has made a significant debut on the Australian Securities Exchange (ASX). The company, which is being compared to Chipotle, launched its initial public offering (IPO) at $22 per share, resulting in a market capitalization of AUD 2.2 billion. The IPO raised $223 million, marking Australia's largest IPO in nearly a year. Guzman y Gomez's shares surged 38% on their first day of trading. The company was founded by a former hedge fund trader, who has built a $135 million fortune from the business. The IPO is seen as a potential turning point for Australia's market. The New Yorker fronting this year's most talked about IPO has garnered significant attention.