Portillo’s Hot Dogs LLC is planning to debut on the public markets this year, the latest in a string of initial public offerings by restaurant companies looking to capitalize on this year’s Wall Street rally.
The fast-casual chain based in the Chicago suburbs confidentially submitted a draft registration statement with federal regulators on Friday, the company said.
The chain, held by private-equity firm Berkshire Partners LLC, is targeting a valuation of $2.5 billion to $3 billion, according to people close to the company. Shares are expected to begin trading by the end of this year.
Portillo’s is set to become the fourth U.S. restaurant chain to move toward the public markets in recent months. Salad chain Sweetgreen Inc. said last month that it plans to launch an IPO, as did Oregon-based Dutch Bros Coffee Inc.
Krispy Kreme Inc. returned to the public markets this month but struggled to attract investor interest at the valuation it initially targeted. The doughnut company priced its IPO below expectations, and its shares have hovered around their IPO price of $17 since. European consumer conglomerate JAB Holdings Co. took Krispy Kreme private in 2016, and remains a major shareholder.