Restaurant chain Portillo’s aims to raise up to $405 million in U.S. IPO

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(Businesshala) – Restaurant chain Portillo Inc said on Tuesday it plans to raise up to $405.4 million in its initial public offering in the United States, making it the latest company to tap the country’s red-hot capital markets Is.

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Portillo, known for its Chicago-style hot dogs, aims to sell 20.3 million shares in an offering for between $17 and $20.

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Its filing 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 the return of food brought by the vaccine rollout. And the COVID-19 is curbed.

The move is another sign that the US IPO market has not lost steam, while global equities are suffering wild swings due to inflation and concerns over debt-ridden Chinese property developer Evergrande.

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Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are among the underwriters for the offering.

Portillo, which is backed by private equity firm Berkshire Partners, said underwriters have the option to purchase an additional 3.04 million shares within 30 days from the filing of its prospectus.

Reporting by Niket Nishant and Uday Sampath in Bengaluru; Editing by Uttaresh.V and Aditya Soni

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