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Portillo’s Files for IPO; Reportedly Seeks $3B Valuation
Fast-casual chain Portillo’s said Monday it had filed confidential paperwork with the SEC for a proposed initial public offering of its common stock. Although the Oak Brook, IL-based company wasn’t commenting on the terms of the IPO, the Wall Street Journal reported that it’s targeting a valuation of $2.5 billion to $3 billion.
The number of shares and the price range for the proposed offering haven’t been determined, Portillo’s said in a release. The IPO is expected to take place after the SEC completes its review process.
Citing data from market research firm Datassential, Crain’s Chicago Business reported that Portillo’s average per-store unit volume was more than $7.7 million in 2020. That dwarfed the next highest estimate among quick-service and fast-casual chains, which was Chick-fil-A’s $4 million per store.
Founded in 1963 and now operating in several states, Portillo’s has been owned since 2014 by private equity firm Berkshire Partners.
- ◦Financing
