Why Portillo's Shares Are Getting Hammered Tuesday


Portillo's Inc PTLO shares are trading lower by 8.77% to $22.69 Tuesday morning after the company priced an 8 million share offering for gross proceeds of $183.2 million.

The underwriters have a 30-day option to purchase up to an additional 1,200,000 shares of Class A common stock at the public offering price.

The offering is expected to close on November 17, subject to customary closing conditions.

Portillo's owns and operates fast-casual restaurants in the United States, along with two food production commissaries in Illinois.

According to data from Benzinga Pro, PTLO has a 52-week high of $57.73 and a 52-week low of $14.84.

Market News and Data brought to you by Benzinga APIs
Posted In: Small CapMoversTrading Ideaswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!