tortilla mexican grill plc on thursday priced its initial public offering at 181 pence a share implying a market capitalization of 70 million pounds 94 million when trading starts on londons junior aim on oct 8 the uk fastcasual mexican restaurant group which first announced its ipo plan on friday said it plans to raise gbp50 million of new money which will be used toward the companys growth plans in line with its longterm strategy the company has 62 sites worldwide 52 of which are in the uk it also has 10 franchised sites in the middle east of the uk 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 the business has shown itself to be extraordinarily well positioned throughout the pandemic as the tortilla product proposition is wellsuited to the growing delivery market and we have proved the brands flexibility to operate across a range of locations and formats including smaller sites and cloud kitchens chief executive richard morris said at the time of the ipo plan liberum capital ltd is nominated adviser and sole broker to the company