Gen Restaurant Group, Inc., the parent company of GEN Korean BBQ, has announced the pricing of its upsized initial public offering (IPO) at $12.00 per share. The offering includes 3,600,000 shares of Class A common stock, with the option for underwriters to purchase an additional 540,000 shares. The shares will trade on The Nasdaq Global Market under the symbol GENK, and the offering is expected to close on June 30, 2023.
The company plans to use the proceeds from the IPO, estimated to be around $43.2 million, to purchase newly issued Class A Units of GEN Restaurant Companies, LLC. As the sole managing member of GEN LLC, Gen Restaurant Group intends to use the proceeds for general corporate purposes, including new restaurant openings.
Roth Capital Partners is acting as the sole book-running manager for the offering, with Craig-Hallum Capital Group and The Benchmark Company serving as co-managers.
GEN Korean BBQ is a fast-growing experiential Asian dining concept with over 30 locations across seven states. The restaurant offers a unique dining experience where guests can serve as their own chefs, preparing meals on embedded grills in the center of each table. The menu features a wide variety of traditional Korean and Korean-American food, including high-quality meats, poultry, seafood, and mixed vegetables. With its modern décor and lively atmosphere, GEN Korean BBQ provides an engaging and interactive dining experience.
This announcement comes as the company continues to expand its footprint and capitalize on the growing popularity of Asian cuisine. The IPO will provide additional funds to support the opening of new restaurants and further establish GEN Korean BBQ as a leading player in the experiential dining industry.
Forward-looking statements in the press release indicate that the company’s management expects future performance to align with their belief and expectations. However, they also caution that there are risks and uncertainties that may cause actual results to differ from these statements. The company will update any forward-looking statements as necessary and in compliance with applicable law.
Investors interested in obtaining a copy of the final prospectus relating to the offering can do so through Roth Capital Partners, LLC.
As GEN Korean BBQ prepares for its public offering, industry observers will be watching closely to see how the company navigates the increasingly competitive landscape of experiential Asian dining. With its unique concept and growing popularity among diners, GEN Korean BBQ is well-positioned to continue its expansion and success in the industry.
