GEN Restaurant Group, Inc.
We are a fast-growing Korean barbecue restaurant chain. (Incorporated in Delaware)
GEN Korean BBQ is one of the largest Asian casual dining restaurant concepts by total revenue in the United States. Founded by two Korean immigrants, we have grown over the last eleven (11) years to 32 company-owned restaurants as of May 26, 2023, by delivering an engaging and interactive dining experience where our guests serve as their own chefs. We offer an extensive menu of traditional Korean and Korean-American food, including high-quality meats, poultry, seafood and mixed vegetables, all at a superior value. Our restaurants have modern décor, lively Korean pop music playing in the background and embedded grills in the center of each table. Our food is served family style and requires guests to share and coordinate their cooking responsibilities, which fosters more meaningful interaction than traditional casual dining. We believe our unique culinary experience appeals to a vast segment of the population, particularly Millennials and Gen Z.
Our co-founders, Jae Chang and David Kim, both highly experienced and successful restaurateurs, joined forces to create our new Korean barbeque concept, opening our first restaurant in 2011 in Tustin, California. Since then, we have successfully opened profitable restaurants in multiple new markets. As of May 26, 2023, we operated 32 locations across California, Arizona, Nevada, Hawaii, Texas and New York. Our revenues in the year ended December 31, 2022 surpassed the revenue levels in 2021. In 2022, we achieved a Net Income Margin of 6.3%, a Restaurant-Level Adjusted EBITDA Margin of 20.5% and an Adjusted EBITDA Margin of 13.1%. In the three months ended March 31, 2023, we achieved a Net Income Margin of 9.4%, a Restaurant-Level Adjusted EBITDA Margin of 19.2% and an Adjusted EBITDA Margin of 11.9%.
**Note: Revenue and net income figures are for the 12 months that ended March 31, 2023.
(Note: GEN Restaurant Group upsized its IPO by 20 percent to 3.6 million shares – up from 3.0 million shares in the prospectus – and priced the IPO at $12.00 – the high end of its $10.00-to-$12.00 price range – to raise $43.2 million. The IPO raised $10.2 million more than its estimated IPO proceeds of $33.0 million, which had assumed pricing at the $11.00 mid-point of its range. GEN Restaurant Group disclosed its IPO terms on June 14, 2023, in an S-1/A filing: 3.0 million shares at $10.00 to $12.00 to raise $33.0 million. GEN Restaurant Group filed its S-1 on May 26, 2023. The company submitted confidential IPO documents to the SEC in November 2021.)
|Industry:||Restaurant - Casual Dining|
|Address||11480 South Street Suite 205 Cerritos, CA 90703 (562) 356-9929|
|Phone Number||(562) 356-9929|
|View Prospectus:||GEN Restaurant Group, Inc.|
|Revenues||$169.0 mil (last 12 months)|
|Net Income||$11.4 mil (last 12 months)|
|Price range||$12.00 - $12.00|
|Est. $ Volume||$43.2 mil|
|Manager / Joint Managers||Roth Capital Partners|
|CO-Managers||Craig-Hallum Group/ The Benchmark Company|
|Expected To Trade:||6/28/2023|
|Quiet Period Expiration Date:||Available only to Subscribers|
|Lock-Up Period Expiration Date:||Available only to Subscribers|
|SCOOP Rating||Available only to Subscribers|
|Rating Change||Available only to Subscribers|