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Hot Dog Restaurant Chain Portillo’s Seeks $400 Million in IPO

Chicago Style Hot Dog
Chicago Style Hot DogSource: Portillo’s

Portillo’s Inc., the hot dog restaurant chain backed by Berkshire Partners, is seeking as much as $400 million in a U.S. initial public offering. 

The Oak Brook, Illinois-based company plans to sell 20.27 million shares at $17 to $20 apiece, according to a prospectus filed to the U.S. Securities and Exchange Commission on Tuesday. At the top end of the range, Portillo’s would have a market capitalization of over $1.4 billion, according to the number of shares outstanding listed in the filing.