Portillo’s (NASDAQ:PTLO) initial public offering (IPO) is underway as shares of the hotdog chain’s stocks soar higher on Thursday.
Let’s jump into that news below, as well as what else traders need to know about Portillo’s and its IPO.
- Portillo’s shares made their public debut at 11:00 a.m. Eastern Time this morning.
- The Shares started trading at $26.10 each, which is well above the planned IPO price of $20 per share.
- The Portillo’s IPO includes 20,270,270 shares of its common stock.
- There’s also a 30-day option for underwriters to acquire an additional 3,040,540 shares.
- Jefferies (NYSE:JEF), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC) Securities, and Piper Sandler (NYSE:PIPR) are the lead joint book-running managers of the offering.
- Portillo’s is a hotdog chain that was founded in 1963 by Dick Portillo in Villa Park, Ill.
- The company started out as a single hotdog stand called “The Dog House.”
- Since then, the chain has grown to include 67 locations across nine states.
- It also offerings a catering business through Portillo’s Home Kitchen.
- This business allows customers from all 50 states to order food and have it delivered.
- Leading the company is president and CEO Michael Osanloo.
- He’s the former CEO of P. F. Chang’s China Bistro.
PTLO stock is off to a strong start today with shares up 52.2% and some 10 million units traded.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.