Guzman y Gomez IPO on hold: report
This comes amidst the company’s ongoing expansion.
Guzman y Gomez (GYG) has put its planned listing on the ASX on hold after a positive year of sales driven by COVID-19 and a significant investment from Magellan Financial Group in December.
The Sydney Morning Herald reported that founder and chief executive Steven Marks said the IPO had “not been derailed by COVID-19 but put on the back burner” after the chain secured an $86.8 million investment from Magellan Financial Group in December.
“We were looking at an IPO which at the right time has always been a dream for me,” Marks said. “I want people that love Guzman y Gomez to have the ability to own it.”
Magellan entered into an agreement to acquire 10% of GYG from existing shareholders for $86.8 million, resulting in an equity valuation for GYG of $867 million, higher than an earlier reported IPO valuation of $500 million.
Read the full report here.