Portillo's, a fast-casual restaurant chain known for its Chicago-style hot dogs, announced terms for its IPO. Founded in 1963, the Oak Brook, IL-based company plans to raise $375 million by offering 20.3 million shares at a price range of $17 to $20. Portillo's is looking for a market value of $1.3 billion at the midpoint of the proposed range. Portillo's serves "iconic" Chicago street food through multichannel restaurants, serving a diverse menu that includes Chicago-style hot dogs and sausages, Italian beef sandwiches, and chopped salads, among other offerings. Nearly all of its restaurants have double-lane drive-thrus and a layout that accommodates a variety of access modes, including dine-in, carryout/curbside, delivery, and catering. Currently, Portillo owns and operates 67 restaurants across nine states, and each location served, doing about $xx in average unit volumes. Portillo's generated $496 million in sales for the 12 months ended June 2021. It plans to list on the Nasdaq under the symbol PTLO.
On the call, we will cover:
- Competitive moat
- The current operating model
- Unit economics
- Growth drivers
- Margin leverage
- Income statement/Balance Sheet/Cashflow
- Valuation
More to come!
