Shares of Guzman y Gomez are surging more than 39% in their trading debut

An exterior view of Guzman Y Gomez Mexican Cuisine 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 huge debut on the Australian Stock Exchange on Thursday, with shares rising as much as 39.1%.

The company, which was valued at AU$2.23 billion ($1.49 billion) based on its IPO price of AU$22 per share, saw shares rise as high as AU$30.28 on debut.

Shares fell slightly to trade around AU$30, up 36.36%, as of 1.47pm Sydney time.

Guzman y Gomez, that one first announced its IPO on May 31 with an offering size of 11.1 million shares, increased it to 15.3 million shares, AU$335.1 million raised. The company said it had received a commitment from funds advised by Capital Research Global Investors to subscribe to the shares.

According to Bloomberg data, Guzman y Gomez's IPO is Australia's largest IPO since chemicals distributor Redox offered in July 2023. It is also the fourth IPO above $100 million in the past two years, Bloomberg added.

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