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GEN Restaurant Group Inc.
GENK,
is set to go public Wednesday, after the profitable GEN Korean BBQ restaurant chain’s upsized initial public offering priced at the top of the expected range. The California-based company raised $43.2 million, as it said late Tuesday that it sold 3.6 million shares, up from previous expectations of 3.0 million, at $12 a share, compared with expectations of an IPO pricing of between $10 and $12 a share. The IPO pricing values the company at about $380.9 million. The stock is expected to begin trading on the Nasdaq exchange on Wednesday under the ticker symbol “GENK.” The underwriters were led by Roth Capital Partners. The company recorded first-quarter net income of $4.1 million on revenue of $43.9 million, after income of $3.0 million on revenue of $38.3 million in the year-ago period. The company is going public at a time relatively strong investor interest in IPOs, as the Renaissance IPO exchange-traded fund
IPO,
has run up 17.2% over the past three months while the S&P 500
SPX,
has gained 10.3%.
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