CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Chicago’s Portillo’s plans to raise $405m from IPO

By Robert Davis

21:33, 12 October 2021

A Portillo's location
A Portillo’s location - Photo: Shutterstock

Chicago-style restaurant franchise Portillo’s released more details of its upcoming initiation public offering (IPO) on Tuesday.

The company said in a filing with the Securities and Exchange Commission that it plans to raise more than $405m (£298.04m) by selling 20.27 million shares for between $17 and $20 a piece.

Investors would accrue a 28% stake in the company from the offering, though it would remain in control of private equity firm Berkshire Partners.

The updated prospectus puts the company at an overall valuation of $1.4bn. It will trade under the ticker PLTO, but the final date of the offering is yet to be determined.  

Jefferies, Morgan Stanley, and Bank of America are all part of the underwriting group for the offering.

Updated prospectus

The update came from an addendum Portillo’s filed with the SEC pertaining to the prospectus it released at the end of September.

At the time, the company revealed its overall financial standing and showed that each one of its restaurants are profitable.


0.52 Price
-0.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.00335


27,183.45 Price
-0.120% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 60.00


1,948.36 Price
-1.480% 1D Chg, %
Long position overnight fee -0.0185%
Short position overnight fee 0.0103%
Overnight fee time 21:00 (UTC)
Spread 0.30


14,557.80 Price
+0.640% 1D Chg, %
Long position overnight fee -0.0255%
Short position overnight fee 0.0032%
Overnight fee time 21:00 (UTC)
Spread 3.0

The company’s revenue for the first half of the year ending 27 June stood at $285m, an increase of 18.8% year-over-year.

Meanwhile, Portillo’s has also made significant improvements to its bottom line. Net income was $13.9m last year compared to a pandemic-laden 2020 when the company lost $773,000.

Growth strategy

It also said it is planning to execute an aggressive growth strategy, increasing its store volume by about 10% per year. Portillo’s already has 67 locations across the US.

 One way the company plans to execute this strategy is by leaning on its social media campaigns. The prospectus says that Portillo’s social media posts receive 10-times more engagement than average restaurant posts.

“Many of our fans beg us through social media to bring a Portillo’s restaurant to their city (and we have received similar pleas from mayors), which we believe is indicative of the passion of our guests and the demand for more Portillo’s locations across the country,” the company said in the prospectus.

Read more: Chicagoland icon Portillo's is going public

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 535.000+ traders worldwide that chose to trade with

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading