8 Things to Know About Hot Dog Chain Portillo's (PTLO) IPO

October 13, 2021 12:36 PM EDT

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Portillo’s (NASDAQ: PTLO), the hot dog restaurant chain, is expected to make its stock market debut next week. Here are 8 key things to consider about the upcoming Portillo’s IPO.

1. Portillo’s IPO Date - Portillo’s is due to go public next Thursday, October 21. Portillo’s will start trading under the ticker symbol “PTLO” on the Nasdaq stock exchange. Generally, shares that make their public stock market debuts start trading between 10 AM - 2 PM ET.

2. Portillo’s IPO Pricing - Portillo’s expects to price its shares between $17.00 and $20.00.

3. Shares Offered - Portillo’s is seeking to sell 20,270,270 of its common stock. The S-1 filing shows the number of outstanding shares after IPO offering would be 71,480,492 shares.

4. PTLO IPO Valuation - Portillo’s is seeking a valuation of between $1.21 billion and $1.43 billion.

5. PTLO IPO Raised Proceeds: At the midpoint of the pricing range, Portillo’s is looking to raise $375 million. The company plans to use the raised proceeds to purchase newly issued LLC Units from Portillo’s OpCo.

6. PTLO IPO Underwriters - Jefferies, Morgan Stanley, BofA, Piper Sandler, Baird, UBS, and William Blair are key underwriters. Guggenheim, Stifel, Loop, and Ramirez & Co are co-managers.

7. PTLO Financials - 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.

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



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