Portillo's raised $405 million by offering 20.3 million shares at $20, the high end of the $17 to $20 range.
At the top end of the range, the company would have a market capitalization of over $1.4 billion.
Jefferies, Morgan Stanley, BofA Securities and Piper Sandler are among the underwriters for the offering.
Business Overview
Banking on the recovery from the pandemic, restaurant chains including First Watch Restaurant Group Inc. and Dutch Bros Inc. itnt public this year.
Restaurant chain Portillo’s, founded in 1963 and known for its hot dogs and chocolate cake, is also going public.
Since its founding in a small trailer which Dick Portillo called “The Dog House,” Portillo’s has grown to become a treasured brand with a passionate nationwide following.
Its diverse menu features all-American favorites such as Chicago-style hot dogs and sausages, Italian beef sandwiches, chopped salads, burgers, crinkle-cut french fries, homemade chocolate cake and milkshakes.
Portillo's creates a consumer experience by combining attributes of fast casual and quick service concepts with an exciting energy-filled atmosphere and restaurant model. Nearly all of the restaurants itre built with double lane drive-thrus and have been thoughtfully designed with a layout that accommodates a variety of access modes including dine-in, carryout / curbside, delivery and catering.
As of June 27, 2021, it owned and operated 67 Portillo’s restaurants across nine states. According to data gathered by The NPD Group, the restaurants generated AUVs of $7.9 million and Restaurant-Level Adjusted EBITDA Margins of 28.6% for the titlve months ended June 27, 2021.
Financial Performance
Revenues for the two quarters ended June 27, 2021 were $258.0 million compared to $217.3 million for the two quarters ended June 28, 2020, an increase of $40.8 million or 18.8%.
The company's net income for the two quarters ended June 27, 2021 was $14 million as compared to a net loss of $733 thousand for the two quarters ended June 28, 2020.
Its Restaurant-Level Adjusted EBITDA Margin was 28.2% for the two quarters ended June 27, 2021, increaing 3.9% compared to that in 2020.
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$Portillo’s Inc.(PTLO.US)$ $Berkshire Hathaway-A(BRK.A.US)$