Shares of Tortilla Mexican Grill PLC rose as much as 10% as it started trading on the London Stock Exchange’s junior AIM, implying a market capitalization of 77.3 million pounds ($105.3 million).
The U.K. fast-casual Mexican restaurant group has raised GBP5.0 million of new money as part of its IPO, which will be used toward the company’s growth plans in line with its long-term strategy.
Shares at 0755 GMT were up 15 pence, or 8.3%, at 196 pence having peaked at 200 pence earlier in the session.
The company has 62 sites world-wide, 52 of which are in the U.K. It also has 10 franchised sites in the Middle East. Of the U.K. sites, two are franchised and the other 50 are operated by the group.
It is targeting 45 new sites over the next five years as well as more franchising and licensing opportunities.
“Underpinned by our fresh, high quality and great value food, as well as our multichannel order strategy, we are very excited to drive forward Tortilla’s long-term growth strategy and achieve the Tortilla brand’s significant potential across the UK and internationally,” Chief Executive Richard Morris said Friday.
Liberum Capital Ltd. is nominated adviser and sole broker to the company.