El Pollo Loco Holdings Inc. announced the pricing of its initial public offering late Thursday at $15 per share, with trading scheduled to begin on Friday.
The share price falls at the high end of earlier estimates of between $13 to $15 per share and would raise about $107 million. Proceeds will be applied toward paying off debt.
The company is offering 7,142,857 shares of common stock, and underwriters have an option of purchasing up to 1,071,429 additional shares.
The Costa Mesa, Calif.-based grilled chicken chain, whose name means “the crazy chicken” in Spanish, will trade on the Nasdaq Global Select Market under the ticker symbol “LOCO.”
El Pollo Loco operates or franchises 400 restaurants in Arizona, California, Nevada, Texas and Utah. Company officials say the chain has the potential to reach 2,300 units nationwide.
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