Adds details of IPO filing, background
October 12 (Reuters) – Restaurant chain Portillo’s Inc said on Tuesday that it plans to raise up to $ 405.4 million when it goes public in the United States, making it the latest company to tap the boiling capital markets. from the country.
Known for its Chicago-style hot dogs, Portillo’s aims to sell 20.3 million shares of the offering at $ 17 to $ 20 apiece.
Its file showed the company expected third-quarter revenue of $ 138 million, a jump of more than 15% from a year ago, as restaurant chains benefit from ‘a return to the restaurant brought by the deployment of vaccines and the relaxation of the COVID-19 brakes.
The move is another sign that the US IPO market has not run out of steam even as global stocks suffer from sharp swings amid concerns over inflation and debt-laden Chinese real estate developer Evergrande.
Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are among the underwriters of the offer.
Portillo’s, which is backed by private equity firm Berkshire Partners, said the underwriters have the option to purchase up to 3.04 million additional shares within 30 days of filing its prospectus.
(Reporting by Niket Nishant and Uday Sampath in Bengaluru; editing by Uttaresh.V and Aditya Soni)
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