GEN Restaurant stock cheered in Nasdaq debut, after upsized IPO priced at top of range

Shares of GEN Restaurant Group Inc.
GENK,
+38.33%
fired out of the gate Wednesday, as the GEN Korean BBQ restaurant chain’s stock opened more than 50% above the initial public offering price. The profitable company raised $43.2 million as its 3.6 million-share offering priced late Tuesday at $12 a share. The company had previously expected to sell 3.0 million shares at a price between $10 and $12 a share. The stock’s first trade Wednesday was at $18.30 for 81,940 shares at 11:11 a.m. Eastern, or 52.5% above the IPO price. At the opening price, the company was valued at about $580.9 million. The stock has pulled back slightly since it’s open as it was up 39.1% in midday trading. The stock’s strong debut comes as the Renaissance IPO exchange-traded fund
IPO,
+1.82%
climbed 2.0% and the S&P 500
SPX,
+0.02%
inched up 0.1%.