Australia's Guzman y Gomez plans big expansion after splashy IPO

Soaring stock price may stem from quiet market as profitability concerns remain

20240708N Guzman y Gomez

Guzman looks to quintuple its stores in Australia to 1,000. (Photo by Rurika Imahashi)

RURIKA IMAHASHI, Nikkei staff writer

SYDNEY -- Australian fast-food chain Guzman y Gomez, which recently listed on the Australian Securities Exchange and reached a market capitalization of 3 billion Australian dollars ($2 billion), plans to continue growing through ambitious expansion. But questions about its profitability linger.

"We're pleased to have listed on the ASX today. Whilst this is a significant milestone for GYG [Guzman y Gomez] we are still early in our mission to reinvent fast food and change the way the masses eat," founder and co-CEO Steven Marks said on social media June 20, when the company listed on the Australian Securities Exchange.

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