Portillo's announces pricing of second stock sale

CHICAGO - Portillo's Inc. announced the pricing of a public offering of 8 million shares of its Class A common stock at a price of $23.75 per share.

The offering is expected to close on Tuesday, Aug. 16, subject to the satisfaction of customary closing conditions.

Portillo's is a fast-casual restaurant chain known for its menu of Chicago-style favorites, including Italian beef sandwiches.

Portillo's expects to use the net proceeds from the offering to purchase shares from certain existing shareholders, including PHD Group Holdings LLC, in a "synthetic secondary" transaction. As a result, Portillo's will not receive any proceeds from this offering, the company said.

Since its founding in Villa Park in 1963, Portillo's has grown to include 71 restaurants across nine states. The company went public in October, raising more than $405 million with its initial public offering.