Some 30 per cent of all shares traded on Superhero, a popular online platform, were in the Mexican restaurant group on Thursday. Still, demand is falling.
Already a subscriber?Guzman y Gomez accounted for nearly a third of all trades on some of the country’s most popular retail platforms after it hit the ASX on Thursday, as investors rushed to buy as many shares as they could in the Mexican-themed restaurant group.Mexican food chain Guzman y Gomez has torn the Bandaid off the IPO market.Some brokers reiterated their warning that Guzman y Gomez, the biggest float on the ASX since APM Human Services in late 2021, was “too expensive”.
Superhero chief executive John Winters said the float drew a significant amount of money on to the platform from regular users as well as those who had not placed a trade for more than 12 months.“It was one of the biggest days that we’ve had for a long time in terms of new customers signing up, and in terms of deposits being made onto the platform,” Mr Winters said. “It’s great to see that there are people out there with cash on the sidelines, waiting for good investment opportunities.
Megan Stals, an analyst at retail share trading platform Stake, said Guzman y Gomez was the most bought Australian equity on Thursday and Friday. “The stock has already reversed some of its gains, and there are concerns that the company’s growth plans are unrealistic – particularly in the US where names such as Chipotle dominate,” Ms Stals said. “That said, over half of Guzman y Gomez shares are still held by major investors, who are unable to sell until at least the end of the year.”
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