GEN Restaurant Group, a Korean BBQ restaurant chain with 34 locations in the US, announced terms for its IPO on Wednesday.
The Cerritos, CA-based company plans to raise $33 million by offering 3 million shares at a price range of $10 to $12. At the midpoint of the proposed range, GEN Restaurant Group would command a fully diluted market value of $352 million.
GEN's restaurants offer traditional Korean and Korean-American food, including unlimited meats, poultry, seafood, and mixed vegetables at a fixed price with alcoholic beverages available for separate purchase. Guests cook the majority of their meals themselves on a grill embedded in the center of each table, allowing for minimal wait times once seated, as well as full control over portions and food customizations. As of 6/14/23, GEN operated 34 locations across California, Arizona, Nevada, Hawaii, Texas, New York, and Florida.
GEN Restaurant Group was founded in 2011 and booked $169 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol GENK. Roth Capital is the sole bookrunner on the deal. It is expected to price during the week of June 19, 2023.
