Restaurant Chain Portillo's Confidentially Files For IPO
Portillo's, a restaurant chain known for its Chicago-style hot dogs, has said that it has confidentially filed paperwork with US regulators for an initial public offering (IPO).
Backed by private equity firm Berkshire Partners, the company's listing plan comes when the US capital market is flush with funds and seeing unprecedented levels of activity.
The first Portillo's hot dog stand, known as "The Dog House", came up at Villa Park, Illinois, in 1963 after founder Dick Portillo invested $1,100 into the trailer that had no running water. Four years later, it was renamed "Portillo's" and moved to a new building.
The chain, led by Michael Osanloo, now operates more than 60 restaurants across nine states including Illinois, Arizona, Florida and Indiana.
Red-Hot Us IPO Market
Portillo's joins a string of restaurant brands looking to cash in on the red-hot US IPO market.
California-based salad chain Sweetgreen, which counts tennis star Naomi Osaka among its investors, confidentially filed for IPO in June, while earlier this month Krispy Kreme returned to the stock markets five years after it was taken private.