Guzman y Gomez opens 36% higher at $30
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The news: Guzman y Gomez has successfully floated on the ASX and started trading higher as it began trading at 12pm AEST under the ticker GYG.
The numbers: Shares in GYG opened 36% higher at $30 from its $22 share price offer.
The IPO is expected to raise $335.1 million as the Mexican food franchise issued 9.1 million shares to the market and sold a further 6.1 million. Franchisees were offered a further 277,000 shares priced at $18 a share.
GYG has 101.35 million in total ordinary shares with 8.85 million options issued under varying conditions and expiry dates.
Its top shareholders include TDM Growth Partners with 28.23%, Barrenjoey with 10.38%, founder Steven Marks with 8.61%, and Aware Super with 6.07%.
The context: The float has been sorely anticipated due to the lack of large initial public offerings in recent years, its ambitious growth plans, and its much-debated valuation of $2.2 billion.
The sources: ASX announcement, ASX Announcement
