Hot Dog Restaurant Chain Portillo’s Seeks $400 Million in IPO

(Bloomberg) -- Portillo’s Inc., the hot dog restaurant chain backed by Berkshire Partners, is seeking as much as $400 million in a U.S. initial public offering. 

The Oak Brook, Illinois-based company plans to sell 20.27 million shares at $17 to $20 apiece, according to a prospectus filed to the U.S. Securities and Exchange Commission on Tuesday. At the top end of the range, Portillo’s would have a market capitalization of over $1.4 billion, according to the number of shares outstanding listed in the filing. 

U.S. IPOs are in full swing despite choppier markets. Gitlab Inc., the operating system that services the software development industry, boosted its price range to $66 to $69 from $55 to $60, according to a Tuesday filing. The top end of the new range gives it a market capitalization of $9.9 billion. 

However, several listings in the past few weeks were postponed due to market conditions, including Vista Equity Partners-backed Allvue Systems Holdings Inc., and NordicTrack maker iFit Health & Fitness Inc. 

Founded in 1963, Portillo’s owns and operates 67 restaurants across nine states, according to the filing. 

Banking on the recovery from the pandemic, restaurant chains including First Watch Restaurant Group Inc. and Dutch Bros Inc. also went public this year. 

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