While the past two years have been quiet for initial public offerings as higher interest rates and volatile sharemarkets dampen investor appetite, Guzman y Gomez founder and co-CEO Steven Marks believes the float will perform well regardless.

“If [interest] rates are high, rates are low, people still need to eat,” said Marks. “We’re very confident on the macro landscape and where GYG sits.”

TDM Growth Partners and Barrenjoey will remain the burrito chain’s largest investors. The float will not have a general public offer, instead there will be a priority offer to existing shareholders, an employee offer, and a franchisee offer at a discounted rate of $18 per share.

The board of directors, senior management, and TDM and Barrenjoey will make up 62 per cent of Guzman y Gomez’ shares, with the remaining allocated to incoming investors. Retail investors will only be able to buy shares through a broker, the names of which will be announced in the coming days.

The chief executive officer role is shared between founder Marks, and Brett, who was operating partner at TDM Growth Partners, the private investment firm that is Guzman y Gomez’s biggest shareholder.

Brett was a board director of Guzman y Gomez for five years before being appointed to the co-chief role last October.

Guzman y Gomez recently poached Kmart and Target’s commercial and strategy general manager Erik du Plessis to fill its chief financial officer role after the former executive in that position, Rebecca Lowde, left after just 10 months with the Mexican chain.

The IPO prospectus will be issued on May 31, with the offer to open on June 10.

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