El Pollo Loco (LOCO) Briefly Becomes Top IPO for 2014
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Last Friday's IPO for El Pollo Loco (NASDAQ: LOCO) continues to surge higher, dumbfounding onlookers. Shares hit an intra-day high of $32.82 moments ago, making it the top performing IPO of 2014 before paring gains, according to IPO Insider.
Pricing at $15, shares were up as much as 117%, outperforming 2014 IPO favorites like Energous Corporation (NASDAQ: WATT) (+116%), Zoe's Kitchen (NASDAQ: ZOES) (+114%) and GoPro, Inc. (NASDAQ: GPRO) (+76%).
Shares of El Pollo Loco have since backed down to $29.74, up 24%. The market cap at this price is about $1 billion.
El Pollo Loco is a differentiated and growing restaurant concept that specializes in fire-grilling citrus-marinated chicken in front of its customers. The company posted revenue of $314.7 million in 2013, while posting a pro-forma profit of $0.22. In the first quarter of 2014 the company posted revenue of $81.4 million and a pro-forma profit of $0.22/share. The company posted adjusted EBTIDA of $55 million in 2013 and $14.9 million in the first quarter of 2014.
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