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Guzman y Gomez is preparing to debut on the Australian stock exchange on June 20 with a valuation of $2.2 billion under the ticker ‘GYG’.
Australia’s fastest-growing burrito chain, which has been working towards a float for years, revealed a fully underwritten initial public offering of 11.1 million shares at $22 per share to raise $242.5 million.
Guzman y Gomez co-chief Hilton Brett (left) and founder Steven Marks.
Up to $200 million will be used to turbocharge Guzman y Gomez’s store footprint in Australia, which is currently at 185.
“The most exciting part is that we are just getting started,” said founder and co-chief Steven Marks in a statement. The burrito chain hopes to have more than 1000 restaurants in its network over the next 20 years.
“As we commence the 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.”
Guzman y Gomez expects its earnings to grow from $29.3 million in the 2023 financial year to nearly $60 million in the 2025 financial year.
The company also has 16 stores in Singapore, five in Japan and four in the US.
More to come
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