Portillo’s, the fast casual chain known for hot dogs, Italian beef sandwiches and chocolate cake shakes, plans to go public, the company said Monday.
Oak Brook-based Portillo’s confidentially submitted a draft registration statement with federal regulators. The company said it is still determining the number of shares it will offer and the price range it will seek, but the Wall Street Journal reported it is targeting a valuation of $2.5 billion to $3 billion.
The company could not immediately be reached for comment.
Founder Dick Portillo started the business in 1963, selling hot dogs from a trailer in a parking lot in Villa Park. Today it has more than 60 restaurants, up from 40 in 2015, one year after Portillo sold the chain to private equity firm Berkshire Partners.
Portillo’s opened its third Chicago restaurant in the Avondale neighborhood last fall. Amid the COVID-19 pandemic, it was initially only open for drive-thru, curbside pickup and delivery. Portillo’s also opened a restaurant in Springfield late last year and plans to expand into Michigan later this year.
In addition to traditional sit-down restaurants, the company said it plans to open a pickup-only restaurant in Joliet with a three-lane drive-thru and delivery but no dining room.
Portillo’s began handling its own delivery business last summer as many diners ordered in instead of dining in restaurants. The company said it planned to hire hundreds of drivers across the chain and would continue working with DoorDash and UberEats.
