Portillo's falls on pricing secondary share offering

Portillos

15/11/2022 13:22

** Portillo’s Inc's  PTLO.O  shares down 9.2% at $22.59
before the bell as hotdog chain prices secondary offering
    ** Chicago-based co announces 8 mln shares for ~$183.2 mln
in gross proceeds  urn:newsml:reuters.com:*:nGNX5F61Hl
    ** Offering prices at $22.90, 7.9% discount to stock's last
close
    ** Co to use net offering proceeds to purchase shares held
by controlling private equity firm Berkshire Partners
    ** BofA and Jefferies sole bookrunners
    ** On Nov 3, PTLO posted Q3 rev, EPS beat as
same-restaurant-sales increased 5.8%, well above consensus view
of 2.7% growth, per Refinitiv data  urn:newsml:reuters.com:*:nGNX4v3J4D
    ** Shares have risen ~16% this month through Mon close,
cutting YTD loss to ~34%. Co went public in Oct 2021 IPO priced
at $20
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))