Portillo's drops as restaurant's sponsor carves stake

Portillos

08/03/2023 19:20

** Shares of hot dog chain Portillo’s Inc  PTLO.O  down 7.7%
at $20.21 after overnight secondary offering prices
    ** Chicago-based firm late Tues announced 8 mln shares at
$21.05, 3.9% discount to last sale, with Morgan Stanley as sole
underwriter
    ** Co to use net offering proceeds to purchase shares held
by private equity sponsor Berkshire Partners
    ** Offering takes Berkshire's stake to ~31% from ~42%
    ** In Nov, Berkshire offloaded 8 mln shares in secondary
priced at $22.90 led by BofA and Jefferies
    ** With Weds decline, PTLO shares up 24% YTD and hovering
just above 2021 IPO price of $20

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-646-279-6380))