Hot-Dog Restaurant Chain Portillo’s Files to Go Public on Nasdaq
(Bloomberg) -- Hot-dog restaurant chain Portillo’s Inc. filed to go public as a rising number of consumer companies tap the equity markets to support growth.
The company listed the size of its planned initial public offering as $100 million, a placeholder that will change when terms of the share sale are set. It plans to list shares on the Nasdaq exchange under the symbol “PTLO,” according to a regulatory filing.
The move adds to what has been a busy year for IPOs on U.S. exchanges, particularly for consumer companies. Restaurant payments firm Toast Inc. and coffee chain Dutch Bros Inc. recently jumped in their trading debuts, while companies including Authentic Brands Group Inc. and Allbirds Inc. are planning to go public.
Portillo’s, which traces its origin to an Illinois hot-dog stand in 1963, also sells fare including burgers, fries and Italian beef-style sandwiches. The company, which doesn’t franchise like many other restaurant chains, has been expanding recently with drive-thrus.
Despite industrywide challenges during the pandemic, Portillo’s said it has never permanently closed a restaurant, and recently announced a new location near Orlando, Florida. The chain had 67 restaurants as of June.
The company generated $258 million of sales in the first half of 2021, a 19% jump from the same period a year ago, according to the filing. Net income and adjusted earnings both rose as well.
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