Hot-Dog Chain Portillo’s Jumps 55% From IPO Price
(Bloomberg) -- Portillo’s Inc. climbed during Thursday’s debut session after its initial public offering priced at the top of the marketed range.
The restaurant company traded as high as $31, a 55% jump from its $20.00 IPO price. The $405 million equity raise by the company priced at the top of a $17 to $20 range.
The IPO was conducted at a valuation lower than casual dining peers such as Chipotle Mexican Grill Inc. and Shake Shack Inc., Bloomberg Intelligence analyst Michael Halen wrote in a note this week.
The offering was led by Jefferies, Morgan Stanley, BofA and Piper Sandler.
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