Guzman y Gomez shares surged 36 per cent to $30 on their first day of trade as investors piled into the biggest local float in the past three years, one that local bankers, brokers and fund managers hope will signal signs of life in a long-moribund market for listings.

The Mexican-themed restaurant was worth $3 billion by the end of its first day on the ASX, up from the $2.2 billion valuation at which it was offered to prospective investors. The shares rose $8 on the offer price, ballooning the wealth of the company’s founder, former Wall Street hedge fund trader Steven Marks, and its long-time shareholders.