Portillo's, a fast casual restaurant chain known for its Chicago-style hot dogs, announced terms for its IPO on Tuesday.
The Oak Brook, IL-based company plans to raise $375 million by offering 20.3 million shares at a price range of $17 to $20. At the midpoint of the proposed range, Portillo's would command a market value of $1.3 billion.
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.
Portillo's 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. It is expected to price during the week of October 18, 2021.
