So, what does a $3 billion burrito taste like? Not bad, actually. It’s soft and warm; a plump cylinder wrapped in slightly pappy flour tortilla; packed with white rice, black beans, pulled beef brisket, shredded cheese, and some mild salsa and pico di gallo. There’s faint evidence of the beef’s guerrero marinade (onions, guajillo peppers, Mexican oregano, vinegar), and it tastes more of rice and beans than anything else. I really should have added chipotle salsa for a smoky kick.

“It’s all about the food,” says the Guzman y Gomez website. Not this week, it isn’t, with Thursday’s $3 billion float of the Mexican fast-food group. The market may be feasting like slathering wolves on the chain’s IPO, but I’m more curious about the value on the street.