(YSWY) starts trading on the Nasdaq

Key Points:

• Yesway, parent company of convenience store chain Allsup's, is gaining market share from fast-food chains through popular food items like deep-fried burritos and chimichangas, despite rising fuel prices.
• The company went public on the Nasdaq under the ticker "YSWY," raising $280 million in its IPO with a valuation of $1.21 billion, and saw its stock price rise to $22 per share at debut.
• Approximately two-thirds of Yesway's revenue comes from fuel sales, with the remaining third from merchandise, including food, which remains in high demand even amid fuel price increases.
• Convenience stores like Yesway have steadily chipped away at fast-food dominance by offering fresh, affordable, and convenient food options, particularly in breakfast items, contributing to the industry's $121 billion foodservice sales in 2024.
• Founded in 2015 by private equity firm Brookwood, Yesway acquired Allsup's in 2019, and together they operate 448 locations mainly in the Midwest and Southwest regions.