Portillo's, a fast casual restaurant chain known for its Chicago-style hot dogs, raised $405 million by offering 20.3 million shares at $20, the high end of the $17 to $20 range.
Backed by Berkshire Partners, Portillo's serves "iconic" Chicago street food through multichannel restaurants, offering a 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 dine-in, carryout/curbside, delivery, and catering. As of June 27, 2021, Portillo's owned and operated 67 restaurants across nine states, primarily in Illinois, with plans to expand following the IPO.
The Oak Brook, IL-based company plans to list on the Nasdaq under the symbol PTLO. Jefferies, Morgan Stanley, BofA Securities, Piper Sandler, Baird, UBS Investment Bank, and William Blair acted as joint bookrunners on the deal.
