Portillo's Inc. has confidentially submitted a draft registration to federal regulators for an initial public offering, Portillo’s Hot Dogs LLC said Monday in a confirmation of reports last week.
The Oak Brook, Ill.-based fast-casual brand is reportedly targeting a valuation of $2.5 billion to $3 billion, the Wall Street Journal first noted Friday. Berkshire Partners LLC acquired Portillo’s in 2014 for a reported $1 billion.
Portillo’s in a Monday statement said it filed its first proposal to the Securities and Exchange Commission but share details were yet to be determined.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined,” the company said in a statement. “The initial public offering is expected to take place after the SEC completes its review process, subject to market and other conditions.”
The company said that, beyond Monday’s statement, it “will offer no further comment at this time.”
Portillo’s joins a growing number of restaurant brands eyeing the public markets. The Los Angeles-based salad chain Sweetgreen Inc. and Grants Pass, Ore.-based Dutch Bros Coffee Inc. filed registration statements this summer. Austin, Texas-based Torchy’s Tacos has reportedly been exploring an IPO.
Charlotte, N.C.-based Krispy Kreme Inc. returned to the public markets at the start of July. Krispy Kreme has traded near its $17 opening, though the range has been $15.50 to $21.69 a share.
Portillo’s was founded in 1963, when Dick Portillo opened the first Portillo’s hot dog stand in Villa Park, Ill. The brand now has more than 60 locations and also owns Barnelli’s restaurants.
Portillo’s earlier this month announced plans for a pick-up-only location with three drive-thru lanes that is scheduled for Joliet, Ill., this year.
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