Portillo’s Inc., the fast-casual restaurant concept known for its menu of Chicago-style favorites, has announced the pricing of its initial public offering of 20,270,270 shares of its common stock at a price to the public of US$20 per share. In addition, the Company has granted the underwriters a 30-day option to purchase up to an additional 3,040,540 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on October 21, 2021 on the Nasdaq Global Select Market under the ticker symbol “PTLO.” The closing of the offering is expected to occur on October 25, 2021, subject to customary closing conditions.
Latham & Watkins LLP represents the underwriters in the offering with a capital markets team led by New York partners Marc Jaffe, Ian Schuman, and Adam Gelardi, with New York associates Biagio Marino and MacLane Taggart. Advice was also provided on tax matters by Century City/Orange County partner Sam Weiner and Washington, D.C. partner Andrea Ramezan-Jackson, with Century City associate Ryan Brenner; and on benefits & compensation matters by New York partner Jennifer Pepin, with Chicago associate Juliet Rognlie.