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Dig in: Portillo’s stock hits the Nasdaq in the latest high-profile restaurant IPO

The fast-casual restaurant chain headquartered in Chicago has its sights on Wall Street today. Here’s what to know.

Dig in: Portillo’s stock hits the Nasdaq in the latest high-profile restaurant IPO
[Photo: Portillo’s]

The fast-casual restaurant chain headquartered in the land of Da Bears fans is thinking more about Wall Street bulls today.

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Longtime Chicago favorite Portillo’s is going public.

The initial public offering of more than 202 million shares of its common stock is $20 per share.

The shares will begin trading this morning on the Nasdaq Global Select Market; its ticker symbol is PTLO.

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Despite much of the restaurant industry getting battered during the COVID-19 pandemic, the Portillo’s IPO is part of a larger trend of restaurant chains going public. For example, salad concept Sweetgreen filed for an IPO in June and First Watch went public on October 1.

Portillo’s, which describes its cuisine as “iconic, craveable street food,” owns and operates 67 restaurants across nine states, as of June 27, according its U.S. Securities and Exchange Commission filing. Each restaurant served an average of roughly 825,000 guests in the twelve months ending in late June. Net income was $12 million in fiscal year 2020 and $14 million for the first two quarters of fiscal year 2021.

The company was founded in 1963, when Dick Portillo spent $1,100 on a trailer to pen a hot dog stand he called The Dog House. Today, fans all over the country order food to be shipped, plus they can also buy a variety of merchandise ranging from an Italian beef-shaped pool float and a “G” is for Giardiniera children’s book to a Portillo’s-branded swimsuit to cheese fries dress socks.

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