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Two companies, Portillo’s and the Vita Coco Company, are due next week after the terms for their Go public.
On Tuesday, Portillo said it would sell 20.3 million shares at $ 17-20 each, according to a prospectus filed Tuesday. The company Oak Brook, Illinois, trades on the Nasdaq under the ticker PTLO.
Jefferies, Morgan Stanley, Bank of America and Piper Sandler are the leading underwriters of the transaction.
At $ 20, the Portillo’s valuation will reach $ 1.4 billion, lower than the $ 2-3 billion valuation cited by the Wall Street Journal in July. Portillo’s declined to comment beyond the prospectus.
The company is expected to price its deal next Wednesday, October 20, and act the next day, said two people familiar with the situation.
Founded in 1963, Portillo’s is a fast-casual restaurant chain known for its Chicago-style hot dogs and sausages, Italian beef sandwiches, and chocolate cake. Portillo’s owns and operates 67 restaurants in nine states including Illinois, Arizona, Indiana, Florida, Iowa, Minnesota, Wisconsin, Michigan, and California. Each Portillo location served an average of around 825,000 diners in the 12 months ended June 27th.
Portillo’s is owned by Berkshire Partners, the Boston-based private equity firm that the restaurant company acquired in 2014. Berkshire will own 34.47% of Class A shares and 93.1% of Class B shares after the IPO, according to the prospectus.
Meanwhile, Vita Coco is offering 11.5 million shares at US $ 18-21 each -Dollars, it says in a prospectus. The company is traded on the Nasdaq under the ticker COCO.
Vita Coco is targeting a valuation of $ 1.17 billion at $ 21 per share. The New York company will open for trading on Thursday, October 21, said a person familiar with the situation. Goldman Sachs, Bank of America, Credit Suisse and Evercore ISI are the underwriters of the transaction.
Vita Coco was founded in 2004 and is the world leader in the coconut water category, offering pure coconut water or coconut water with a pineapple or peach-mango flavor at. It also sells pressed coconut water, which the company claims gives it a more « coconut-like » flavor, as well as coconut oil.
Keurig Dr. Pepper
(Ticker: KDP), Vita Coco’s largest sales customer, has agreed to purchase Verlinvest shares valued at $ 20 million in a private placement. Verlinvest, a family-run investment group from Brussels that invests in the consumer sector, will hold 38% of the shares in Vita Coco after the IPO, according to the prospectus.
Two companies, Portillo’s and the Vita Coco Company, are due to follow suit next week Establishing the terms and conditions for their initial public offering.
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