Shares of GEN Restaurant Group Inc. GENK fired out of the gate Wednesday, as the GEN Korean BBQ restaurant chain’s stock opened more than 50% above the initial public offering price. The profitable company raised $43.2 million as its 3.6 million-share offering priced late Tuesday at $12 a share. The company had previously expected to sell 3.0 million shares at a price between $10 and $12 a share. The stock’s first trade Wednesday was at $18.30 for 81,940 shares at 11:11 a.m. Eastern, or 52.5% above the IPO price. At the opening price, the company was valued at about $580.9 million. The stock has pulled back slightly since it’s open as it was up 39.1% in midday trading. The stock’s strong debut comes as the Renaissance IPO exchange-traded fund IPO climbed 2.0% and the S&P 500 SPX inched up 0.1%.
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