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.

©2021 Bloomberg L.P.