GEN Korean BBQ will go public as a larger IPO with a price in the upper part of the expected range

GEN Restaurant Group Inc. is set to go public on Wednesday after profitable Korean BBQ restaurant chain GEN went public at a higher-than-expected price. The California-based company raised $43.2 million when it announced late Tuesday that it had sold 3.6 million shares, up from previous expectations of $3.0 million at $12 a share , compared to expectations of an IPO price of between $10 and $12 per share. The IPO price values ​​the company at approximately $380.9 million. Trading in the stock on the Nasdaq exchange is expected to begin Wednesday under the ticker symbol “GENK.” The underwriters were led by Roth Capital Partners. The company reported net income of $4.1 million on sales of $43.9 million for the first quarter, down from a profit of $3.0 million on sales of $38.3 million in the same period last year. The company is going public at a time when investor interest in IPOs is relatively high, as exchange-traded fund (IPO) Renaissance IPO is up 17.2% over the past three months, while the S&P 500 is up 10 .3%.

-Tommy Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently of Dow Jones Newswires and The Wall Street Journal.

(ENDS) Dow Jones Newswires

6/28/23 0727ET

Copyright (c) 2023 Dow Jones & Company, Inc.