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Inspired by Mexico fast food chain Guzman y Gomez will make the Australian’s roster commodity exchange after completing a $242.5 million bid – the second largest of the year.
The Sydney-based chain, founded in 2006, has 185 restaurants in Australia and plans to use the funds to open dozens more.
“As we begin our next chapter as an ASX-listed company, our vision to reinvent fast food and change the way the masses eat will remain central to what we do,” founder and co-chief executive Stephen Marks said in a statement on Friday.
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It aims to open 30 restaurants in Australia in 2024/25 and a further 40 each year within five years, mostly drive-thru operations.
Guzman y Gomez forecasts that revenue will grow from $29.3 million in 2023/23 to $59.9 million in 2024/25.
The $242.5 million initial public offering to institutional and some retail investors valued Guzman y Gomez at $2.2 billion.
About 11.1 million shares will be offered for sale at $22 each.
It will be the second-biggest IPO of 2024, after mining company Metals Acquisition raised $325 million in its debut in February.
Guzman y Gomez, whose offer is fully underwritten by investment firms Barrenjoey and Morgan Stanley, is expected to list on the stock exchange on June 20.
The company, which also has 16 restaurants in Singapore, five in Japan and four in the US city of Chicago, wants to grow its operations to more than 1,000 restaurants in the next 20 years.
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