Portillo's (PTLO) IPO Prices at High-End Range, Valuing Hot Dog Chain at ~$1.43 Billion

Portillo's Inc. (NASDAQ: PTLO) the fast-casual restaurant concept known for its menu of Chicago-style favorites, announced the pricing of its initial public offering of 20,270,270 shares of its common stock at a price to the public of $20 per share, the top end of the expected $18-$20 range.

The shares are expected to begin trading on October 21, 2021 on the Nasdaq Global Select Market under the ticker symbol “PTLO.”

Portillo's valuation based on the IPO pricing is approximately $1.43 billion.

Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are acting as lead joint book-running managers and representatives for the proposed offering. Baird, UBS Investment Bank and William Blair are also acting as lead book-running managers for the proposed offering. Guggenheim Securities, Stifel, Loop Capital Markets and Ramirez & Co., Inc. are acting as co-managers for the proposed offering.

Portillo’s recorded revenue of $138 million for Q3 to September 26, higher than $119.7 million generated for the same period a year ago. Net income for the third quarter is expected to be between $5.5 million and $6.5 million, lower than $8.1 million for the third quarter last year.

Portillo’s was acquired by Berkshire Partners in 2014 for around $1 billion.

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