Portillo's, a fast casual restaurant chain known for its Chicago-style hot dogs, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $400 million.
Portillo's serves "iconic" Chicago street food through multichannel restaurants, serving a diverse menu that includes Chicago-style hot dogs and sausages, Italian beef sandwiches, and chopped salads, among other offerings. Nearly all of its restaurants have double lane drive-thrus and a layout that accommodates a variety of access modes including dine-in, carryout/curbside, delivery, and catering. As of June 27, 2021, Portillo's owned and operated 67 restaurants across nine states, and each location served an average of approximately 825,000 guests in the twelve months ended June 27, 2021.
The Oak Brook, IL-based company was founded in 1963 and booked $496 million in sales for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol PTLO. Jefferies, Morgan Stanley, BofA Securities, Piper Sandler, Baird, UBS Investment Bank, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
