Portillo's falls on secondary offering launch

Portillos

09/08/2022 16:56

** Shares of Chicago-style hotdog chain Portillo’s Inc
 PTLO.O  down 11.9% at $25.05 on Tues after co launches
secondary
    ** Shares snapping 5-session winning streak and on track for
record one-day decline since co's debut last Oct
    ** PTLO after the bell Mon commenced 8 mln share offering
 urn:newsml:reuters.com:*:nGNXc2Xd1s
    ** Co to use net proceeds to purchase units and shares from
existing holders
    ** Offering would take its private equity sponsor Berkshire
Partners' stake from ~65.6% to 54.3%, or ~37.9 mln shares, per
filing https://www.sec.gov/Archives/edgar/data/1871509/000119312522214895/d382690ds1.htm#rom382690_17
    ** Jefferies, Morgan Stanley, BofA and Piper Sandler acting
as bookrunners for offering, on track to price Weds post market
close
    ** Last Thurs, PTLO reported Q2 same-restaurant sales growth
of 1.9%, saying it saw "unprecedented" commodity inflation amid
rising pork, chicken and beef prices  urn:newsml:reuters.com:*:nGNXBr4Rm
    ** Through Mon close, shares had gained ~74% since end-Jun
    ** PTLO went public in 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))